DW-World.de
Deutsche Welle

German finance minister Peer Steinbrueck has confirmed plans for an automotive summit scheduled for Tuesday. He told reporters on the sidelines of the G20 summit in Washington that the meeting would be used to discuss potential aid for struggling car manufacturers. Opel has become the first manufacturer in Germany to seek credit guarantees from the government following a sharp downturn in orders. Senior Opel officials said the guarantees were required to ensure the company's future in Europe as well as jobs. Meanwhile, European data showed a plunge in new car sales in October. Opel and other German carmakers like Daimler and BMW have already announced temporary closures of factories to save costs amid the plunge in orders.