- First quarter revenue fell 15 percent to reach $ 34.3 billion
- Lockdown reduced customers' need and desire to buy a car
Apr 29, 2020, 01:30 PM IST
New York. Veteran automotive giant Ford lost $ 2 billion in the first quarter. On Tuesday, the company told its investors that there could be more losses in the current quarter. Losses from interest, taxes and special items are expected to reach $ 5 billion this quarter, compared to a loss of $ 532 million in the previous quarter. Ford has also made some gains in South America but has suffered a lot in other areas. The company reported a loss of $ 1.9 billion in North America.
First quarter revenue down by 15%
First quarter revenue fell 15 percent to $ 34.3 billion, due to a 21 percent drop in car sales. He also said that he suffered a loss of $ 2.2 billion, but he had $ 34 billion in cash left until last Friday to take additional debt.
Customer's desire and need to buy a reduced car
The company said that this is a challenging time for all auto makers. Many companies around the world had to close their production plant, so almost all the dealerships were closed due to the government's order to stay home. If hundreds of people were removed from work, then hundreds of people are working from home, then the need and willingness of customers to buy a car has come down.