DETROIT (Reuters) - Ford Motor Co (F.N) said on Tuesday its second-quarter loss will more than double to $5 billion from $2 billion in the first quarter due to the impact of the coronavirus pandemic, but said despite the ongoing crisis it has enough money to last for the remainder of 2020.
“We believe the company’s cash is sufficient to take us through the end of the year, even with no additional vehicle wholesales or financing actions,” Chief Financial Officer Tim Stone said in a statement.
But he called the current economic environment “too ambiguous” for the No. 2 U.S. automaker to give a full-year 2020 earnings forecast.
The company has slashed costs during the COVID-19 outbreak to weather the shutdown, including cutting salaries of executives and white-collar employees.
Ford also moved to cut spending on projects, saying on Tuesday it was pushing back its commercial autonomous vehicle services by a year to 2022 and that it has decided to not develop a previously announced luxury electric Lincoln sport-utility vehicle in partnership with electric vehicle maker Rivian.
Ford shares were down about 6% in after-hours trading on Tuesday after closing the regular session at $5.38.
Ford’s market value of $20.6 billion is now less than the $35.1 billion in cash it had on hand as of April 24, an indication that investors expect the company to burn through significant amounts of cash before a recovery takes hold.
Ford had preannounced the pandemic-fueled first-quarter loss earlier this month. That warning came the same day the Dearborn, Michigan-based company raised $8 billion from corporate debt investors.
Last month, Ford
