COVID-19- Daimler Stops Most Production in Europe

AutoInformed.comDaimler Group has decided today to suspend the majority of its production in Europe, as well as work in selected administrative departments, for an initial period of two weeks. An extension of this halt will depend on further developments. Wherever operations need to be continued, the company will take appropriate precautions to prevent the infection of its employees.

The suspension applies to Daimler’s car, van and commercial vehicle plants in Europe and will start this week.

Given the ongoing spread of COVID-19, the economic effects on Daimler cannot be adequately determined or reliably quantified at this time.

Daimler is monitoring the situation constantly and will take further measures as required. Full operations will be resumed when the situation improves.

About Kenneth Zino

Ken Zino is an auto industry veteran with global experience in print, broadcast and electronic media. He has auto testing, marketing, public relations and communications expertise garnered while working in Asia, Europe and the U.S.
This entry was posted in economy, environment, manufacturing, people and tagged , , , , . Bookmark the permalink.

1 Response to COVID-19- Daimler Stops Most Production in Europe

  1. Daimler says:

    Daimler AG (ticker symbol DAI) is increasing its financial flexibility with a further loan facility agreement in the amount of €12 billion. This is in addition to the existing €11 billion revolving credit facility with a term until 2025 including extension options. The additional loan facility can be utilized within a 12-month period with two extension options of six months.

    The loan facility was agreed with the four lenders BNP, Banco Santander, Deutsche Bank and JPMorgan on April 1, 2020. Syndication has started. The further credit line creates an additional liquidity buffer in addition to Daimler’s already strong liquidity and financial flexibility. At the end of 2019, Daimler had gross liquidity of approximately €24 billion in its industrial business.

Leave a Reply

Your email address will not be published. Required fields are marked *