Daimler said it was increasing its financial flexibility with a further loan facility agreement for EUR12bn.

This is in addition to the existing EUR11bn revolving credit facility with a term until 2025 including extension options. The additional loan facility can be used within a 12-month period with two extension options of six months.

The loan facility was agreed with BNP, Banco Santander, Deutsche Bank and JPMorgan on 1 April, 2020 and syndication has started.

"The further credit line creates an additional liquidity buffer in addition to [our] already strong liquidity and financial flexibility," the automaker said in a statement.

"At the end of 2019, Daimler had gross liquidity of approximately EUR24bn in its industrial business."

Daimler also issued a EUR1.5bn five year benchmark bond this week.