Loading...

Ford warns of $2 billion loss in first quarter due to coronavirus pandemic

The Ford Motor Co. Michigan Assembly plant stands idle in Wayne, Michigan, U.S., on Monday, March 23, 2020.

Anthony Lanzilote | Bloomberg | Getty Images

Ford Motor expects to report a net loss of $2 billion for the first quarter as the coronavirus pandemic depresses sales and production.

The company disclosed the amount in an amended filing with the U.S. Securities and Exchange Commission from earlier in the week that warned investors about Ford reporting a pretax loss of roughly $600 million for the quarter and a roughly 16% decline in revenue. 

The news did little to impact Ford shares, which were up about 5% during Friday morning trading to around $5.18 per share, as part of a larger gain in the market. Shares of the automaker, which last month had its credit rating cut to junk status by rating agency S&P Global, are down about 44% this year.   

This story is developing. Please check back for updates. 

Leave a Reply