TOKYO, March 27 (Xinhua) -- Toyota Motor Corp. is looking for one trillion yen (9.20 billion U.S. dollars) in credit from domestic banks as it grapples with increasing funding costs in the market due to the coronavirus pandemic, sources close to the matter said Friday.
The world's second-largest automaker is looking to prepare for and cushion against the financial impact the coronavirus will have on the firm if the global situation continues to worsen.
Sumitomo Mitsui Banking Corp. and MUFG Bank are likely to provide the credit line, the sources said.
As Toyota contends with worldwide and domestic plant closures amid the pandemic, including the temporary shuttering of production lines at five domestic plants from next month, it will be able to, as needs dictate, access 500 billion yen (4.60 billion U.S. dollars) from each of the banks, they added.
The Aichi Prefecture-based automaker, as of the end of last year, recorded 5.2 trillion yen (47.86 billion U.S. dollars) in cash and deposits.
While operations have been halted at its plants in the United States and Europe, as well as those domestically henceforth, Toyota is believed to still be on a steady financial footing.
