Covid-19 impact: Ford slumps $2 bn in Q1, expects loss to double next qtr

The company has slashed costs during the Covid-19 outbreak to weather the shutdown, including cutting salaries of executives and white-collar employees

Ford Motor Co on Tuesday posted a $2 billion first-quarter loss due to the impact of the coronavirus pandemic and said it expected its loss in the second quarter to more than double as it weathers a shutdown of its North American plants.

"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.

According to Stone, "today's economic environment remains too ambiguous" for the No. 2 US automaker to give a full-year 2020 earnings forecast.

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