Ford applies for COVID-19 loan guarantees in Germany


BERLIN — Ford, which operates two auto plants in Germany, has applied for 500 million euros ($582 million) of German loan guarantees aimed at cushioning the impact of the COVID-19 pandemic, business daily Handelsblatt reported on Monday. While Germany has given coronavirus-related aid to companies such as auto parts supplier Leoni, Ford would be the first major carmaker in the country to receive such help from the government.

The auto sector, one of the key pillars of Germany’s industry, was struggling even before the pandemic due to the shift towards electric vehicles and lower worldwide demand. Ford wants the federal government to grant most of the loan guarantees, while a smaller share is expected to come from German states, Handelsblatt said, without citing its sources.

The company said it was part of its normal business to be in contact with financial institutions, without providing further details.

The economy ministry declined to comment on the report.

Ford’s German subsidiary was founded in 1925 and operates factories in the western city of Cologne and in Saarlouis close to the French border.

Related Video:



Source link

Discover

Sponsor

Latest

VW to pay record settlement to employees persecuted under Brazilian dictatorship

Germany's Volkswagen will pay about 36 million Brazilian reais ($6.5 million) in compensation and donations to atone for the persecution of its former...

AstraZeneca bolsters Covid-19 vaccine supply with new deal

Jakub Porzycki | NurPhoto | Getty ImagesAstraZeneca has expanded its agreement with cell therapy firm Oxford Biomedica to mass-produce its COVID-19 potential vaccine,...

Flame Hoops? The Weird Science Behind the World’s Fastest Car’s Wild Engine

We’ve come to expect speed records to be set by deep-pocketed global car companies like the VW Group’s Bugatti brand, which has the...

CDC revises coronavirus guidance to acknowledge that it spreads through airborne transmission

3D illustration of coronavirus on a colored background.Leonello Calvetti | Stocktrek Images | Getty ImagesThe Centers for Disease Control and Prevention revised its...

The Latest: US report shows patterns of virus deaths shifted

submitted by /u/Scuba_BK Source link