Ford decides to halt production in India, South Africa
on coronavirus impact
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[March 23, 2020] (Reuters)
- Ford Motor Co <F.N> said on Monday it has
decided to temporarily halt vehicle and engine production at its
factories in India, South Africa, Thailand and Vietnam in response to
the growing impact of the coronavirus.
In India, it began on March 21 and will be followed by other markets,
the company said, adding that it will continue for several weeks.
"We are continuing to act in real time and taking added safety measures
by temporarily halting production at our manufacturing sites in the
international markets," International Markets Group President Mark
Last week, Ford moved to hoard cash, drawing down $15.4 billion from two
credit lines and suspending its dividend. It has also abandoned its 2020
financial forecast and said the cash would be used to deal with a
squeeze on capital caused by shutdowns in production.
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Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in
Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay
The No. 2 U.S. automaker last week suspended vehicle and engine production at
manufacturing sites in continental Europe. It also decided to temporarily stop
production from March 23 at its London site and from the end of March 25 at its
Automakers are not seeking any immediate assistance as part of a $1 trillion
government stimulus and rescue package expected to soon move through Congress,
but instead calling for "broad economic measures to keep the economy on track".
(Reporting by Rachit Vats and Sanjana Shivdas in Bengaluru; Editing by Shailesh
Kuber and Arun Koyyur)
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