Mexican Media Brands
VW’s Banks Extend €20 Billion Credit Line
Volkswagen AG’s banks have agreed to a six-month extension of a €20 billion ($21 billion) line of credit that was to expire at year-end.
#economics
Share
Volkswagen AG’s banks have agreed to a six-month extension of a €20 billion ($21 billion) line of credit that was to expire at year-end.
VW says the bridge loan will fortify the company’s financial base and enhance its flexibility until it returns to the unsecured bond market, Reuters reports.
The company has been scrambling to bolster its finances as it grapples with two costly challenges. One is VW's diesel emission cheating scandal, which so far has surpassed $15 billion in fines and compensation in the U.S. alone. The company also is rushing to restructure, cut operating costs and redirect product development efforts toward electrified powertrains, connectivity and alternative transportation services.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Achieving Efficiency?
A look at on-road fuel economy changes over 92 years.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.