Ford applies for German COVID-19 loan guarantees: Handelsblatt

BERLIN (Reuters) – 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.

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Ford applies for German COVID-19 loan guarantees – Handelsblatt

FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay

BERLIN (Reuters) – 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

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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.



a small boat in a large body of water


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

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