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The package includes a scheme to unlock £1.3bn of loans from Europe for car manufacturers and major suppliers.
There will be "no blank cheque" and any schemes supported had to provide jobs, develop new technology and processes for the long term and provide value for money.
Regional development agencies and the Technology Strategy Board are to be invited to bring forward new research and development programmes into cleaner engines, lighter cars and "plug-in hybrids".
Spending on skills training for employees would be boosted to £100m from its current £65m, if there was demand from the industry.
For more details and other car news check out car-news.co.uk
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