FRANKFURT, March 10 (Reuters) - Ford Motor ( F ) will
inject up to 4.4 billion euros ($4.76 billion) into its
struggling German unit as it tries to revive its car business in
Europe, the U.S. carmaker said on Monday.
The German arm, Ford-Werke, will continue its strategic
transformation initiatives, focusing on reducing costs in Europe
and increasing competitiveness, Ford said in a statement, after
the Financial Times first reported the news.
"By recapitalizing our German operations, we are
supporting the transformation of our business in Europe and
strengthening our ability to compete with a fresh product
portfolio," said John Lawler, vice chair of Ford Motor Company ( F ).
"To build a sustainable business in Europe, we also need
to continue to simplify our governance, reduce costs, and drive
efficiencies."
He called on policymakers in Europe to come up with a
clear agenda to promote the uptake of electric vehicles and
bring emissions targets in line with consumer demand.
Europe's car industry has seen plant closures and
falling demand as it battles with stiff competition from China.
The sector is also bracing for U.S. tariffs.
($1 = 0.9249 euros)