STOCKHOLM — Sweden’s Autoliv , the world’s biggest airbag maker, withdrew its 2020 forecast due to the coronavirus crisis on Wednesday, suspended its dividend and said it had drawn the remaining $600 million from an existing credit line.
The pandemic has forced shutdowns at automakers across the world and Autoliv only two weeks ago announced a raft of cost cuts to cushion the blow from the disruption.
“Today we announce a number of additional actions taken by the company to continue to manage the effects brought on by the COVID-19 pandemic,” CEO Mikael Bratt said in a statement.
“We will continue to evaluate the changing environment and are prepared to do what is necessary to get us through this humanitarian and economic crisis,” he added.
Autoliv said it believed its position was robust in terms of both capital and liquidity. “But cancelling the dividend is in the best interests of the company to preserve cash and maintain flexibility given the highly uncertain environment,” it…