Reportedly, about 70% of the funds are aimed at the sector’s value chain, with parts of the funds to be invested in replacing existing cars more than ten years’ old with newer, more energy-efficient models. With a workforce of about 600,000 people, Spain’s auto industry is said to account for about 10% of the country’s Gross Domestic Product (GDP) and to comprise about a fifth of total exports. The country is the second biggest car producer in Europe, after Germany. In May, Japanese carmaker Nissan announced it was permanently closing down its manufacturing plants in Barcelona, resulting in around 3,000 job losses.