Toyota seeks 1 tril. yen credit line as virus hits funding market

Toyota Motor Corp. has asked two Japanese megabanks to set up a credit line totaling 1 trillion yen ($9.2 billion), company sources said Friday, a move that signals the carmaker is struggling with rising funding costs in the market due to the coronavirus outbreak.Toyota's financial base remains solid but it is aiming to increase its cash on hand to prepare for a further escalation in the epidemic, which has led to plant closures worldwide, the sources said. They added, the banks -- Sumitomo Mitsui Banking Corp. and MUFG Bank -- are likely to accept the request.The commitment line would allo…READ FULL ARTICLE