Lockdown set to prevent Fiat attempt to restart some Italian production

Japan’s biggest automaker has the strongest credit profile among the country’s car manufacturers, but the cost of credit is going up and Moody’s cut the company's credit rating.

The extension until April 9 involves all the automaker's German plants for Volkswagen passenger cars, commercial vehicles and components.

The move is part of a range of measures to shore up the financial muscle of the maker of Mercedes cars and trucks during the coronavirus crisis.

Volvo Car Group, which has been forced to idle plants in Europe and the U.S., scaled back financial guidance for the full year, warning that sales, earnings and cash flow in the first half of 2020 would decline from a year ago as the coronavirus pandemic weighs on business.

French press reports said the coronavirus economic fallout has called into question the financial terms of the merger between the two automakers.

The loan would be available "for general corporate purposes and for working capital needs" and was structured as a "bridge facility" to support access to capital markets, the automaker said.

The Japanese conglomerate, a key shareholder in Mitsubishi Motors, could take the stake as part of wider restructuring plans at the Renault-Nissan alliance that could also include plant closures.

The automaker said it will reopen its Hermosillo factory in Mexico with one shift April 6 and resume production at select factories in the U.S. on April 14.

The UK's most prestigious motoring event will be delayed because of the coronavirus pandemic.

High sticker prices, poor charging infrastructure and range anxiety mean running an EV is not yet as easy as owning a regular car.