France Invests $549 Million in Electric and Hybrid Cars

Published on October 9th, 2008 The French government announced today that it has earmarked a massive €400 million ($549 million) in state support for the development of electric and hybrid cars. The news comes hot on the heels of key pledges on the development of electric cars from Renault and Peugeot-Citroen that signal a major shift in green transport policy across the country. Speaking at the Paris Motor Show, President Nicolas Sarkozy said the investment is destined “exclusively for the research and development of non-polluting vehicles.” His comments follow earlier announcements from French carmakers Renault SA and PSA Peugeot Citroen of separate agreements with energy company Electricite de France (EdF) to... [read full story]