Ford Motors has announced it would resume operations in Q2 considering the current market scenario.
Among Ford’s joint ventures, only the ones in China are presently producing and wholesaling vehicles. Other plants of the company are closed for operations. The phased restart of its manufacturing plants, supply networks and other related functions are all planned to commence in the second quarter with maximum safety standards in place. The company has adequate cash in hand to get through at least the end of Q3, the company said.
The company also stated that the wholesales in the first quarter were down by 21pc from the year prior due to declining production and demand on the back on COVID-19 outbreak.
Production units in USA, Canada and Mexico were temporarily idled since mid-March along with other major US car manufacturers. The initial period of the shutdown was two weeks, but the severe COVID-19 situation has led to the extension of the halt.