Fiat Chrysler Automobiles said Tuesday it had drawn down on a 6.25 billion euro ($6.8 billion) credit line to buffer its cash reserves during the uncertainty around the coronavirus health crisis.
The funds from the revolving credit facility, originally signed in June 2015, add to the 1.5 billion euros ($1.6 billion) FCA has drawn down from other credit lines.
The outbreak has pummeled vehicle sales and production for automakers across the world, forcing many to take out multi-billion dollar loans to ride out what is likely to be a deep global recession.
Ford Motor Co has drawn more than $15 billion from revolving credit lines and last week raised $8 billion from corporate debt investors to shore up its cash.
General Motors has entered into a 364-day revolving credit agreement of $1.95 billion, which the company said will be exclusively used by its financial services business.
Earlier this month Fiat Chrysler said it had agreed to a new 3.5 billion euro ($3.8 billion) credit facility with two banks, which remains undrawn.
