Posts net income of $1.1 billion, including $3.5 billion gain on investment in Argo AI
Reports negative $1.9 billion – more than $3 billion better than expected – in adjusted EBIT, which excludes Argo AI gain, following safe, effective restart of global manufacturing
Makes further progress in delighting customers, fixing operating fundamentals – integrating new technologies, lowering costs and capex, assuring readiness for major product launches
Finalizes strategic alliance with Volkswagen for commercial vehicles, EVs, pickups
Maintains strong balance sheet, with more than $39 billion in cash at end of Q2; this week repaid $7.7 billion against revolving credit lines
DEARBORN, Mich., July 30, 2020 – Ford made the most of its business in the midst of coronavirus, progress toward major new-vehicle launches in the near term, and strategic investments in the company’s ambitious future during second-quarter 2020.
“I could not be prouder of the #Ford team’s optimism and effectiveness as we manage through this pandemic,” said President and CEO Jim Hackett. “We delivered a strong Q2 while keeping each other safe, caring for customers and neighbors, and assuring tomorrow.”
Further information in the press release to download
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