Mazda Seeks $2.8 Billion Loans To Survive Pandemic

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Mazda Motor Corp needs urgent aid amidst the pandemic crisis. It is now seeking 300 billion yen ($2.8 billion) from the three largest banks in Japan, as well as from other lenders, Reuters reported on May 9th.

The news is not official and is coming from “a source with direct knowledge of the matter.”  But it isn’t surprising since Mazda has reduced or halted production In all their factories around the globe in the past few months. Their car sales had been weak even before the lockdown. 

According to the source, three Japanese megabanks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group — along with the Development Bank of Japan, Sumitomo Mitsui Trust Holdings are set to agree and lend the money to Mazda.

All three megabanks and the automaker itself have either declined or did not respond to a comment request, says Reuters. 

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