$15.4 billion of additional cash on balance sheet, drawing from two credit lines

Dividend suspension to preserve cash and provide additional flexibility in the current environment

Withdrawal of company guidance for 2020 financial performance

Full Press Release:

Ford Motor Company is taking a series of initiatives to further bolster the company's cash position amid the coronavirus health crisis, maintain strategic flexibility on behalf of its team and customers, and set up Ford to separate itself from competitors when the global economy emerges from the current period of acute uncertainty.

"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."

The company today notified lenders that it will borrow the total unused amounts against two lines of credit: $13.4 billion under its corporate credit facility and $2 billion under its supplemental credit facility. The incremental cash from these borrowings will be used to offset the temporary working capital impacts of the coronavirus-related production shut downs and to preserve Ford's financial flexibility.