Ford expects $600-million first quarter loss due to coronavirus [Toronto Globe and Mail (Ontario, Canada)]
Ford Motor Company (F)
Last ford motor company earnings: 4/28 04:09 pm
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Source: Toronto Globe and Mail
Ford expects $600-million first quarter loss due to coronavirus Ford Motor Co said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak pummelled its sales and shuttered vehicle assembly plants, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019. The news sent Ford’s shares down more than 5% in morning trading. Only Ford’s joint ventures in China, where the COVID-19 pandemic has been receding, are currently producing vehicles. The automaker said it is working on a scenario for a phased restart of its manufacturing plants beginning in the second quarter. “However, we believe we have sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions,” Chief Financial Officer Tim Stone said in a statement. Asked whether Ford would apply for loans from the U.S. government or the Federal Reserve to sustain its
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Sec Filings
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