Porsche has said it will ask for an EUR1.75bn loan from the German government’s economic stimulus programme.
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The application to KfW, the German state-owned development bank, is the second to be made by Porsche as the sports car maker seeks to secure EUR12.5bn of credit lines after its expensive attempt to take over Volkswagen.
Porsche abandoned the VW takeover attempt, agreeing instead to explore options to merge or integrate the two companies.
The Financial Times noted that a loan to Porsche would come from an EUR40bn fund that KfW is using to provide corporate financing as part of Berlin’s stimulus programme.
The report said that it is designed to provide access for financially sound companies to credit if other banks withdraw funding.
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By GlobalDataTalks were continuing with other banks about alternatives to a KfW loan, the carmaker has reportedly said.
