Ford expects net loss of $ 5 billion in the current quarter due to falling demand
Ford Motor Co said on Tuesday that its net loss in the second quarter more than doubled, exceeding $ 5 billion, compared with $ 2 billion in the first quarter due to the impact of the pandemic coronavirus.
“We believe that cash sufficient for the company to survive until the end of the year, even without the additional bulk of car sales or financing measures,” said Ford CFO Tim stone.
However, he called current economic conditions “too vague” to the second-largest U.S. automaker could give an annual forecast.
the Company also announced that it will reduce the cost of projects.
shares of Ford fell more than 4.6% in trading after the official session.
stone during the conference call announced that the company will resume manufacturing in the US “as quickly as possible,” but did not name specific dates.
Ford announced that it will resume most of the production in Europe from Monday. The company has already resumed work in China, where sales fell 35% in the first quarter. Sales in the US fell by 12.5%.