Germany, auto industry to discuss aid package

Tuesday, 05. May 2020 14:09

The German government and the country's auto industry agreed to start talks on state aid for the sector, a spokesperson for the Berlin government said on Tuesday.

Industry representatives are seeking help from the government as they say demand has plummeted as a result of the coronavirus pandemic. A working group has been formed and final deal is expected to be announced by early June.

As the talks were announced, carmakers led the German DAX higher as it increased 1.73% at 2:05 pm CET. Volkswagen jumped 3.88% at 2:06 pm CET and BMW gained 3.66% at the same time. Meanwhile, Daimler rose 3.56% at 2:07 pm CET.

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