DEARBORN—Ford Motor Co. announced several initiatives to bolster the company’s cash position and support sales amid the coronavirus health crisis.
Among the company’s moves:
- Borrowng the maximum $15.4 billion under two existing credit lines to offset the impact of coronavirus-related production shutdowns in North America and Europe
- Suspending the company’s dividend to shareholders
- Withdrawing financial guidance to Wall Street for its 2020 financial performance, since it did not factor in the effects of the coronavirus pandemic
- Offering six months of payment relief for new-car buyers under a new program called “Built to Lend a Hand.” Ford will pay for three months of payments, and buyers can defer three months more. The program applies to all 2019 and 2020 models except for 2020 Super Duty trucks.
“Like we did in the Great Recession, Ford is managing through the coronavirus crisis in a way that safeguards our business, our workforce, our customers and our dealers during this vital period,” said Ford CEO Jim Hackett. “As America’s largest producer of vehicles and largest employer of autoworkers, we plan to emerge from this crisis as a stronger company that can be an engine for the recovery of the economy moving forward.”
More information about the “Built to Lend a Hand Program” is available at Ford.com.