Ford Suspends Dividend To Preserve Cash

Ford Motor Co. (F) said on Thursday that it will suspend its dividend to preserve cash in the wake of the current Corona (Covid-19) crisis. In a statement, Ford announced it recently obtained 15.4 billion dollars of additional cash on balance sheet, drawing from two credit lines. On the news, shares of Ford fell almost 8% toward an 11-year low in premarket trading Thursday. The US carmaker also said that it is withdrawing the guidance it provided in February for 2020 financial performance, which did not factor in the effects of the coronavirus.