Ford just said it expects to lose $600 million in Q1 as the coronavirus pandemic damages sales
On Monday, Ford said that it expects to post a loss of around $600 million when it reports first-quarter earnings at the end of April.
The carmaker, which was in the middle of an $11 billion restructuring prior to the COVID-19 outbreak, didn't estimate it losses on a per-share basis.According to CFO Tim Stone, "Ford's first-quarter vehicle wholesales were down 21 percent from a year ago, largely as a result of lower production and demand related to the coronavirus."
With close to $30 billion on hand, Stone said the company believes it has "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." However, Ford said, "The company is considering a scenario for a phased restart of its manufacturing plants, supply network and other dependent functions beginning in the second quarter, with enhanced safety standards in place to protect workers."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Video: Inside The Jump By Ford And GM Into Making Lifesaving VentilatorsHere's a video that will give you a look inside the jump by Ford and GM to make lifesaving ventilators during the coronavirus crisis:
Read more »
Weekend reads: All the benefits and financial help you can get during the coronavirus crisisAlso, how businesses adjust during the coronavirus pandemic and investment ideas in a down market.
Read more »
Colleges Worry If Sporting Event Shutdowns Will Affect The Big Moneymaker: FootballCollege sports are trying to deal with the interrupted flow of money brought on by the shutdown of sporting events — and dreading what happens if it affects the big moneymaker: football.
Read more »
Zara Tindall has painted her horse Toytown to raise money for Equestrian Relief, which supports the NHSThe Queen's eldest granddaughter Zara Tindall is raising money for the NHS amid the coronavirus pandemic
Read more »
Cities light up buildings to honor workers on the front lines during the coronavirus pandemicU.S. cities showed appreciation for essential workers amid the coronavirus pandemic.
Read more »