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Ford applies for German COVID-19 loan guarantees - Handelsblatt

·1-min read
FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt
FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt

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 coronavirus pandemic, business daily Handelsblatt reported on Monday.

While Germany has given coronavirus-related aid to companies like 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, struggled even 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 added. 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.

(Reporting by Thomas Seythal; Editing by Maria Sheahan)