DETROIT — Ford Motor Co. on Thursday said it was suspending its dividend and withdrawing previous financial guidance amid the coronavirus pandemic.
The automaker also said 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.
Ford said the money 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. Ford said earlier this week it would idle all North American plants until March 30, and also announced plant closures in continental Europe.
“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,” Ford CEO Jim Hackett said in a statement. “As America’s largest producer of vehicles and…