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july 31, 2020 - Ford

Ford records better-than-anticipated Q2 operating results as company manages for both coronavirus and long term

  • 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

  • Expects strongest 2020 adjusted EBIT in Q3; launch plans for new F-150, Mustang Mach-E BEV, legendary Bronco on track keys to accelerating transformation, growing profits

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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