Ford to suspend production in India, South Africa, Thailand, Vietnam

Europe

Ford Motor Co. said on Monday it will temporarily halt vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus.

In India, the suspension began on March 21 and will be followed by other markets, the company said, adding that the shutdowns will continue for several weeks.

“We are continuing to act in real time and taking added safety measures by temporarily halting production at our manufacturing sites in the international markets,” International Markets Group President Mark Ovenden said.

Last week Ford, along with General Motors and Fiat Chrysler, said it would temporarily suspend production in North America due to coronavirus risks. It also suspended production at its plants in continental Europe.

Ford last week also moved to hoard cash, drawing down $15.4 billion from two credit lines and suspending its dividend. It abandoned its 2020 financial forecast and said the cash would be used to deal with a squeeze on capital caused by shutdowns in production.

Products You May Like

Articles You May Like

European sales forecast to plunge amid virus shutdowns
Supplier’s first move: Protect employees
Ford mobile units to help health care workers
2020 Goodwood Festival of Speed postponed due to coronavirus
2020 Audi RS4 Avant: Is America Missing Out On The Best RS?

Leave a Reply

Your email address will not be published. Required fields are marked *