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Mazda seeks $2.8 billion in loans to ride out pandemic

TOKYO — Mazda has sought loans totaling about 300 billion yen ($2.8 billion) from Japan's three megabanks and other lenders to ride out the coronavirus epidemic, a source with direct knowledge of the matter said on Saturday. The megabanks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group — along with the Development Bank of Japan, Sumitomo Mitsui Trust Holdings and others are set to agree, with some already having extended the loans, the person said, declining to be identified because the information is not public. All three megabanks declined to comment on the loan request, which was reported by the Nikkei business daily earlier. Mazda did not immediately respond to a request for comment.    Mazda, like most other automakers, has reduced or halted production at factories around the world for the past few months as governments try to limit the spread of the new coronavirus.     Mazda's car sales and balance sheet had been weak even before the virus slammed the brakes on demand, with its interest-bearing debt of 650 billion yen far exceeding its cash and cash equivalents, according to the Nikkei.    Mazda is scheduled to announce its financial results for the year ended in March on Thursday. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2019 Mazda3 Press Conference In 15 Minutes

Mazda is going to start restoring first-generation Miatas

Many of the world's premium car companies have in-house restoration shops that help provide parts and complete restorations to owners of classic models from the marques. Ferrari has one, Lamborghini has one, Mercedes-Benz has one. Now Mazda will have one, and it will be focused on the Mazda Miata, also known as the MX-5 in Europe, and the Roadster in Japan. And although some might think the Miata is too new for restoration, remember that it was launched in 1989, so it's closing in on 30 years old. Japanese Nostalgic Car broke the news of the restoration service, which will start accepting applications for restoration service this year, with the first work being done at the start of 2018. Mazda explains on its site (Google Translate is recommended) that owners of first-generation Miatas were telling the company they really wanted to restore and maintain their little convertibles for as long as they could, which is what prompted the company to pursue the service. Before offering it to customers, the company did a trial restoration of an early Miata (Roadster in Japan). Once Mazda starts restorations, it said the services will be tailored to the individual cars. In addition to restoration services, Mazda announced it will also start selling reproduction parts for first-generation Miatas. On the list of parts are new tops, Nardi wood steering wheels and shift knobs, and even the original-style Bridgestone tires. The company also said that it will add more parts later depending on which ones are most in demand. Unfortunately, according to Japanese Nostalgic Car, the service will only be available to owners in Japan for the time being. The service will also only be for first-generation models. But perhaps if the program is successful, and there's demand for other regions and generations, Mazda might expand the service. Related Video: Featured Gallery Mazda Roadster restoration View 10 Photos News Source: Japanese Nostalgic Car, MazdaImage Credit: Mazda Mazda Maintenance Convertible Performance Classics

Autoblog's Editors' Picks: Our complete list of the best new vehicles

It's not easy to earn an “EditorsÂ’ Picks” at Autoblog as part of the rating and review process that every new vehicle goes through. Our editors have been at it a long time, which means weÂ’ve driven and reviewed virtually every new car you can go buy on the dealer lot. There are disagreements, of course, and all vehicles have their strengths and weaknesses, but this list features what we think are the best new vehicles chosen by Autoblog editors. We started this formal review process back in 2018, so there's quite of few of them now. So what does it mean to be an EditorsÂ’ Pick? In short, it means itÂ’s a car that we can highly recommend purchasing. There may be one, multiple, or even zero vehicles in any given segment that we give the green light to. What really matters is that itÂ’s a vehicle that weÂ’d tell a friend or family member to go buy if theyÂ’re considering it, because itÂ’s a very good car. The best way to use this list is is with the navigation links below. Click on a segment, and you'll quickly arrive at the top rated pickup truck or SUV, for example. Use the back button to return to these links and search in another segment, like sedans. If youÂ’ve been keeping up with our monthly series of the latest vehicles to earn EditorsÂ’ Pick status, youÂ’re likely going to be familiar with this list already. If not, welcome to the complete list that weÂ’ll be keeping updated as vehicles enter (and others perhaps exit) the good graces of our editorial team. We rate a new car — giving it a numerical score out of 10 — every time thereÂ’s a significant refresh or if it happens to be an all-new model. Any given vehicle may be impressive on a first drive, but we wait until itÂ’s in the hands of our editors to put it through the same type of testing as every other vehicle that rolls through our test fleet before giving it the EditorsÂ’ Pick badge. This ensures consistency and allows more voices to be heard on each individual model. And just so you donÂ’t think weÂ’ve skipped trims or variants of a model, we hand out the EditorsÂ’ Pick based on the overarching model to keep things consistent. So, when you read that the 3 Series is an EditorsÂ’ Pick, yes, that includes the 330i to the M3 and all the variants in between. If thereÂ’s a particular version of that car we vehemently disagree with, we make sure to call that out.