Without the investment, Ford would have lost $ 1.9 billion, which he said was more than $ 3 billion better than expected. Auto manufacturers reported a drop in sales during the Covid-19 pandemic. Ford’s shares rose nearly 1% in trading after hours after the news.
Ford has focused on accumulating cash and reducing costs during the pandemic. The automaker says it has more than $ 39 billion in cash at the end of the quarter.
“I couldn’t be more proud,” said Ford CEO Jim Hackett in a statement. “We deliver a fort [second quarter] while staying safe, they take care of customers and neighbors and ensure tomorrow. “
Ford expects it to make a profit in the third quarter of the year, but anticipates it will post a loss for the full year.
Hackett discussed electric vehicles in a call with analysts, saying Ford does not need to build its own batteries because the supply chain has been stepped up.
“There are many things there that do not guarantee us to migrate our capital to own our own factory,” he said. “There is no advantage to the property in terms of cost or supply.”
Ford said its plants in North America ended in June at about 95% of their pre-pandemic production levels. Ford’s European plants returned to service on May 4, according to the company.
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