Japanese car makers Honda, Nissan and Mazda say they might need to join Toyota in seeking crisis loans from the Japanese government as the industry battles through the global economic downturn.
At this point the amount of money to be requested in unclear with all three companies declining to put a figure on the amount they would request from the state-backed Japan Bank for International Cooperation.
“Due to current economic conditions, we are considering using public funds in addition to our usual sources of funding,” a Honda spokeswoman said.
“We’re not in a situation where we desperately need funds, but as the opportunity has presented itself, we believe we should make the best use of whatever funding is available”, said Nissan spokesman Mitsuru Yonekawa.
Meanwhile Mitsubishi Motors said that it was not considering borrowing government funds at the moment due to a lack of clarity over the lending scheme.
Toyota, Nissan and Mazda are bracing to end this financial year to March in the red due to weak sales and a strong yen, while Honda expects a sharp fall in profits.