Ford Expects $600M Loss
CBJ — Ford Motor Company expects it will endure a pre-tax loss of about $600 million for the first quarter due to the COVID-19 pandemic.
It’s estimated the automaker has had a 21% decline in auto sales to dealers compared with the same quarter in 2019.
is working on a scenario for a phased restart of its manufacturing plants beginning in the second quarter.The most activity is coming from its Chinese operations where it appears the coronavirus crisis is largely behind the world’s most populous country.
As of April 9, Ford had about $30 billion in cash, including $15.4 billion it borrowed last month against two existing credit lines. With that type of capital it is unlikely the company would have to look for government loans.