Ford Motor Co. said on Monday it expects to post a pretax loss of about $600 million for the first quarter as the coronavirus pandemic pummeled its operations, resulting in a 21 percent drop in vehicle sales to dealers versus the same quarter in 2019.
The automaker said it also is considering additional financing actions.
Only Ford’s joint ventures in China, where the coronavirus pandemic has been receding, are currently producing vehicles. The automaker said it is working on a scenario for a phased restart of its manufacturing plants beginning in the second quarter.
“However, we believe we have sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions,” CFO Tim Stone said in a statement.
As of April 9, Ford said it had about $30 billion in cash on its balance sheet, including $15.4 billion it borrowed last month against two existing credit lines.
The automaker may stockpile even…