considering applying for state financial help, according to a VW
spokesperson.
In the past few years, car manufacturers have increasingly
relied on their own banks to finance sales through credit and
leasing contracts. A cash-injection from the German government’s
banking rescue package would be used to prevent competition
disadvantages.
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Recently, German magazine Der Spiegel reported that “the banks
of several German car manufacturers intended to make use of
government guarantees for several billion euros, but would not ask
for capital injections.”
The current markets are making it difficult for all financial
institutions to raise funds; and according to the VW spokesperson,
the move is being coordinated with other German car
manufacturers.
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