NEW YORK, July 31 ― Ford reported better-than-expected results yesterday despite the hit from Covid-19 and the carmaker said it had enough cash on hand to survive the coronavirus crisis. The US auto giant, which shuttered some factories due to the pandemic and saw overall car sales fall sharply,...
Ford reported an operational loss of US$1.9 billion in the second quarter, much lower than the US$5 billion loss projected in April. — Reuters pic
NEW YORK, July 31 ― Ford reported better-than-expected results yesterday despite the hit from Covid-19 and the carmaker said it had enough cash on hand to survive the coronavirus crisis. The US auto giant, which shuttered some factories due to the pandemic and saw overall car sales fall sharply, reported an operational loss of US$1.9 billion in the second quarter, much lower than the US$5 billion loss projected in April.
Even though factories were idled for six weeks, Ford said it picked up retail market share in North America for its top-selling F-150 pickup trucks as well as a strong performance from other large vehicles. Ford reported net profits of US$148 million boosted by a one-time gain of US$3.5 billion following Volkswagen's investment in an autonomous vehicle joint venture, called Argo AI.Ford also amassed almost US$40 billion in liquidity following a large bond offering in the second quarter. That should allow the car company to maintain US$20 billion in cash “even if global demand declines or there is another major wave of pandemic-related closures,” the company said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pos Malaysia freezes international mail, parcel deliveries due to Covid-19 restrictions | Malay MailKUALA LUMPUR, July 31 — Pos Malaysia Bhd announced this morning that it was suspending all international deliveries indefinitely from August 3. The national postal carrier said the only country it will still deliver to was Singapore, with which Malaysia has resumed partial cross-border travel....
Read more »
Shafien Mamat named new Kelantan police chief | Malay MailKUALA LUMPUR, July 30 ― The Home Ministry's Crime Prevention Board (LPJ) member DCP Sapiai Shafien Mamat has been appointed as the new Kelantan chief police officer effective Sept 1. Royal Malaysia Police (PDRM) corporate communications chief in the IGP Secretariat, Datuk Asmawati...
Read more »
China says US fuelling new Cold War due to presidential election | Malay MailLONDON, July 30 — China today accused the United States of stoking a new Cold War because certain politicians were searching for a scapegoat to bolster support ahead of the US presidential election in November. US President Donald Trump identifies China as the West’s main rival, and has accused...
Read more »
Britain names Turkish speaker as new top spy | Malay MailLONDON, July 30 — Britain yesterday named its former ambassador to Turkey as the new director of the MI6 Secret Intelligence Service. Richard Moore succeeds Alex Younger, who was a career intelligence officer and became Britain's top spy in 2014. Moore, a fluent Turkish speaker, has served as the...
Read more »
Hong Kong reports 118 new coronavirus cases as local transmissions stay high | Malay MailHONG KONG, July 29 — Hong Kong reported 118 new coronavirus cases today, including 113 that were locally transmitted, as strict new measures including a restriction of gatherings to two people and a ban on restaurant dining, took effect. The measures, which are the toughest introduced since the...
Read more »
Khairul Anwar is new CEO of Media Prima | Malay MailKUALA LUMPUR, July 31 — Media Prima Bhd today announced the appointment of Datuk Khairul Anwar Salleh as chief executive officer of Media Prima Television Networks effective August 1, 2020. He will report to Datuk Iskandar Mizal Mahmood, group managing director of Media Prima. Khairul has over 25...
Read more »