German government for loan guarantees for its financial services
unit, the company has announced.
Last month, Leasing Life reported that the manufacturer
was considering applying for state financial help, to prevent any
competition disadvantages. It is the first German vehicle
manufacturer to take this step.
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“We have filed two requests,” explained a spokesperson for VW.
The company made the requests for its financial services division
and for Volkswagen Bank. “It is a question of obtaining public
guarantees. It is not a request for recapitalisation.”
The company would not disclose the amount requested, or when the
request was made.
BMW also stated it might apply for state aid, and is “still
examining” that possibility. “All options are open” at Daimler too,
according to a spokesperson from Daimler’s financial services
unit.
The German government’s package provides a total of €480 billion
in aid to the German economy – the vast majority of which
represents guarantees for loans.
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