Spain unveils $4.2 billion auto industry stimulus

MADRID -- The Spanish government unveiled a 3.75 billion-euro ($4.2 billion) stimulus program on Monday for the country’s automotive industry.

Almost 70 percent will be invested in the sector’s “value chain,” with other parts going to renewing existing car fleets and electrifying public transport, Prime Minister Pedro Sanchez said in a speech in Madrid.

Funds also will go to replace existing cars older than 10 years for newer models and more energy-efficient vehicles.