Ford hoards cash, withdraws profit forecast amid coronavirus outbreak
Share:
DETROIT (Reuters) - Ford Motor Co on Thursday moved to hoard cash on its balance sheet, drawing down $15.4 billion from two credit lines and suspending its dividend, in a move to bolster reserves to ride out damage to its business from the coronavirus pandemic.The No. 2 U.S. automaker, whose shares were down 5.1% at $4.26 after sinking as much as 8.9% in early trading, also abandoned its 2020 financial forecast and said the cash would be used to deal with a squeeze on capital caused by..