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Automobiles

Mitsubishi Motors seeks $2.8bn in loans

Automaker braces for prolonged sales slump amid pandemic

Mitsubishi Motors seeks financing to weather the economic impact of the coronavirus.

TOKYO -- Mitsubishi Motors has requested 300 billion yen ($2.8 billion) in financing from domestic and foreign lenders as the coronavirus pandemic clouds the outlook for the auto industry, Nikkei learned Tuesday.

This total includes 200 billion yen from Japanese private- and public-sector financial institutions. The automaker is in talks for a syndicated loan from MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp., among other companies, and has asked for emergency funding from the state-backed Development Bank of Japan.

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