Report: BMW, Harley-Davidson among those that tapped Federal Reserve for billions during crisis
According to Bloomberg, German automaker secured funding assistance intermittently between 2008 and 2009, with the largest single transaction a reported $3.62 billion. This line of credit helped BMW survive during a time when other automakers were getting by on life support. Some of the funds were used to expand the South Carolina facility that produces X3, X5 and X6 models. While suffering its lowest profit in a decade, BMW was still able to produce a positive cash flow of nearly $2 billion.
Taking a look at the data provided by the Feds (download the spreadsheet here – *Warning: Excel spreadsheet), we see that a number of automakers and compnaies also made use of the CPFF, including Harley-Davidson (33 separate instances totaling $2.3 billion), Toyota, Ford, Chrysler, General Motors and Mitsubishi.
[Sources: Bloomberg, The Washington Post | Image: Drew Phillips/AOL]
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