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US car parts companies get help

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US car parts companies get help

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The US government is to give the country’s car parts suppliers financial aid worth around 3.5 billion euros.

The Treasury Department will guarantee that suppliers will be paid for products they ship to carmakers regardless of what happens to those manufacturers. The programme will also provide liquidity for the parts companies which are having trouble borrowing from banks to keep producing and pay workers. The US car industry is under pressure from a massive fall in sales.