loans for virus relief eased during july as firms repay loans image bloombergnew york the automotive industry has borrowed 132 billion since march as the spread of the coronavirus curbed demand for cars and closed factories the sector is the largest user of funds put in place to ease the impact of the pandemicthe amount consists of 79 billion in new loans and 53 billion in drawdowns from existing credit lines facilities linked to the pandemic account for almost 80 of overall loan borrowings by the sector in the year to dateloans for virus relief which peaked during the marchtojune period eased this month to less than 100 million as some companies began paying down their loans advt ford motor co is the latest company to repay part of revolving facility drawn previously according to an bloomberg news report earlier this week the automaker said thursday its secondquarter operating loss was less than half the 5 billion deficit it had predicted due mainly to undiminshed demand for its sport utility vehicles and truckspandemicdriven loan borrowings and paydowns since march 2020source bloombergfrench carparts maker faurecia se sold a bond this week to repay its 800 millioneuro 949 million club loan from april fiat chrysler automobiles nv also paid down drawdown portions of its 35 billioneuro revolver with a bond early this monthmeanwhile at least 20 companies have requested to waive or loosen covenants binding their loan agreements for more financial headroom during the pandemic most requests have come from junkrated firms such as lkq corp garrett motion inc and samvardhana motherson automotive systems group bvalso read etauto originals an anatomy of the indian auto industry bloomberg published on aug 1 2020 at 1011 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app covid19 impact on carmakers carmakers borrowing carmakers car industry covid impact on carmakers homenewsindustrycarmakers borrow industryleading 132 billion to weather covid19