by Shane McGlaun March 19, 2020, 8:45 am 1 Comment. Ford Motor on Thursday suspended its quarterly dividend and made other moves to shore up the auto maker's health in the coronavirus crisis. Ford last suspended its dividend in 2007, ahead of the last financial crisis, during which it narrowly avoided bankruptcy. Ford Dividend Suspended As It Borrows $15.4 Billion In Cash. It restored its dividend in 2012. Ford dividend cut a sign of more coronavirus troubles ahead. 2020 will be a tough year in the automotive market.
Ford Motor Co. suspended the dividend that management repeatedly vowed to maintain even through a downturn as a global pandemic forces the struggling automaker to protect its cash reserves. Most expect the financial performance for Ford and other major automakers to be massively impacted due to the coronavirus. In addition, the company is fully drawing down two lines of credit to raise a total of about $30 billion cash. Ford Motor Company suspended its stock dividend and tapped its lines of credit to shore up its balance sheet in the face of the coronavirus. Sponsored Links. The suspension of the 15-cent payout — a measure CEO Jim Hackett has said he … Ford shares have fallen 55% since January 1, 2020. It restored its dividend in 2012. Ford Suspends Dividend, Draws $15.4 Billion From Credit Lines; The company took the step to prioritize financial flexibility and investments in new-product launches this year, according to a statement. Ford suspends dividend, withdraws 2020 guidance as production halts. Ford Motor Co. suspended its dividend and temporarily halted production across North American and Europe to preserve cash and provide additional financial flexibility.