Ford applies for German Covid-19 loan guarantees
Ford Motor, which operates two auto plants in Germany, has applied for €500m(roughly R9,989,768,100) of German loan guarantees aimed at cushioning the effect of the coronavirus pandemic, business daily Handelsblatt reported on Monday.
While Germany has given coronavirus-related aid to companies like auto parts supplier Leoni, Ford would be the first major car maker in the country to receive such help from the government.
The auto sector, one of the key pillars of Germany's industry, struggled before the pandemic due to the shift toward 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 reported.
The company had no immediate comment.
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.