Nissan Seeks 500-B.-Yen Lending amid Coronavirus Crisis

Economy

Tokyo, April 9 (Jiji Press)--Nissan Motor Co. <7201> has asked three Japanese megabanks and government-backed Development Bank of Japan for financial assistance totaling some 500 billion yen, informed sources said Thursday.

The automaker aims to secure enough funds to weather prolonged tough business conditions amid the coronavirus pandemic, according to the sources.

Nissan and the banks, including Mizuho Bank, are in talks to finalize the details of an assistance scheme including a credit line.

"We have enough funds for operations for the time being, but we are considering various measures to prepare for a possible future crisis," a Nissan official said.

Even before the coronavirus crisis began to unfold, Nissan had already been struggling with a slump in global sales.

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Jiji Press