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 Business
Tax amnesty: Bawumia playing with naïve minds - Prof Mensah
02:24Stop misleading the public - VRA to IPGG’s Elikplim
18:25Nationwide inspection of companies and businesses starts March 25
10:12Lands Minister pledges strong partnership with women in mining for inclusivity in the industry
08:01Kimberley Process chair calls on Lands Ministry ahead of review visit to Ghana
07:51Chamber of Commerce and Industry welcomes Bawumia's policy proposals for growth of private sector
14:37Size of Ghana's economy reaches ¢841.63bn
12:45Bawumia’s vision of tax digitalisation is progressive - Chamber of Commerce & Industry
12:34UMB recapitalisation: BoG appoints monitoring advisor
14:23TAGG disappointed in Oteng-Gyasi
10:50