Ford applies for German COVID-19 loan guarantees – Handelsblatt
Ford Motor F.N, 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 LEOGn.DE, 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.
Source: reuters.com
Trending News
UE/R: Bembisi youth spearhead construction of modern classroom block for local school
10:37Dec 7 polls: Let’s stay united, do away with internal disputes – Asiedu Nketiah to NDC members
12:18Ejisu: CPP seeks injunction to stop April 30 By-election
08:33Adu-Ampomah & Amoah know Lithovit is liquid fertiliser – COCOBOD RM&E Dir. tells court
10:26Changing basic school uniforms to blue and white needless - Educationist
10:46UW/R: I can’t’ve the man I defeated as my successor – Akufo-Addo tells Wa Naa
12:15NDC to outdoor Prof Naana Opoku-Agyemang as running mate today
08:29IMF: Failure to agree Eurobond deal 'won't stop us from providing more financing to Ghana'
08:41Ejisu By-Election: I’m not a traitor, NDC people appreciate me, focus on solving your internal issues – Independent candidate tells NPP
08:45Arsonists petrol-bomb Class Media Group’s Labone HQ
12:42