Ford expects COVID-19 crisis to cause 600 million USD quarterly loss
Ford expects to post a pre-tax loss of about 600 million USD for the first quarter as the coronavirus outbreak pummeled its sales and shuttered vehicle assembly plants, resulting in a 21 percent drop in vehicle sales to dealers versus the same quarter in 2019.
Only Ford’s joint ventures in China, where the COVID-19 pandemic has been receding, are currently producing vehicles, Reuters reads. 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.