- FCA: partial factories restart on Monday
- Pandemic effect. The auto market collapses. -51.8% in Europe. FCA -74.4%
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May 17, 2020 FCA has confirmed that it has initiated the procedure for requesting a credit line for three years from Intesa Sanpaolo with the guarantee of Sace, and therefore of the State, up to 6.3 billion or 25% of its turnover. And it promises that with these resources it essentially aims to revive the Italian automotive industry, severely tested by the health and economic emergency caused by coronaviruses.The guarantee is a subsidy provided for by the Liquidity Decree: companies affected by the coronavirus and who have found losses can access the Guarantee Fund provided they respect employment levels and that they do not distribute dividends, which FCA announced last week.
A major political obstacle arises from the fact that in 2014 the car manufacturer moved its registered office to Amsterdam and tax to London, because in the United Kingdom income tax is 20%, against 24% Italian. Basically FCA does not pay corporate taxes in Italy, but asks for money from the Italian state.
The Pd does not seem willing to separate the state aid issue from the tax issue. Deputy Secretary Andrea Orlando: "A company that asks for huge funding from the Italian state brings its headquarters back to Italy. I await attacks against sovietization and learned sermons on the free market". Hard also Carlo Calenda of Action: "Obviously the registered office and tax return to Turin. Because otherwise we will go on the surreal".
The unions are more concerned about the future of workers: Fiom has defined "urgent" that the government convene the tables on strategic sectors with unions and businesses, starting with the automotive sector.
Giuseppe Conte observed that "in the case of FCA we are talking - beyond the parent company - of companies that are in Italy, are Italian factories, Italian work, produce in Italy and employ a lot of workers".