The corona crisis is not yet old, but is already leaving deep traces. Ford is looking bleak as it saw part of the first quarter go up in smoke. Nevertheless, the manufacturer expects to keep it up for a while before emergency credits need to be called upon.
The year was off to a normal start, but the tremendous blows that the March corona crisis already dealt with are evident in Ford’s financials. The Americans hold according to Reuters account for a quarterly loss of no less than $ 600 million before tax, or nearly 550 million euros. Almost a month ago, Ford halted US car production and European production followed in the same week. Ford sold 21 percent fewer cars in the past three months than in the first quarter of last year.
Although there are some positive prospects here and there, it is clear that the hard initial blows to the corona crisis will not be over just like that. Ford also takes into account that it will remain very difficult for the rest of this year, but is ready to deal with that, it says. The CFO reports that there is enough money available to continue under current conditions at least until the end of the third quarter. Otherwise, there are “enough financing options”. That reassurance should also calm the stock market a bit, after Monday’s Ford Motor Company shares fell nearly four percent in value.