Photo: Ford
In the wake of the still ongoing coronavirus pandemic, the world will probably never be the same. For instance, whereas the physical effects of the disease are being felt right now, the economic ones will come into focus a few months into the future.
With that in mind, governments and companies are already trying to prepare for the rough road ahead, including by announcing measures meant to help those struggling financially right now.
But for automakers that's a tougher nut to crack. The industry shut down almost in its entirety in an attempt to curb the spread of the disease, and will probably soon be on the brink of collapse. And demand for new cars isn't great either.
Trying to get people to buy more cars during these hard times, Ford announced this week a program called Built to Lend a Hand, through which is offering up to six months payment relief for new customers buying a 2019 and 2020 model-year vehicle through Ford Credit, with the exception of the 2020 Super Duty trucks.
“Our dealers are incredibly connected to their communities,” said in a statement Kumar Galhotra, president, Ford North America. “And they’re willing to lend a hand by doing whatever it takes to help our customers in this time of need.”
Ford announced on Wednesday, March 18, together will both the other Detroit carmakers, it is shutting down plants across America. On Thursday, aside for the above incentive, it announced additional financial measures.
They include accessing the unused money it had in two credit lines, totaling $15.4 billion, the suspension of the company's dividends, and the withdrawal of the guidance it gave in February considering the “effects of the coronavirus, given uncertainties in the business environment.”
The full extent of Ford's financial preparations for the coronavirus fallout can be studied in the press release section below.
But for automakers that's a tougher nut to crack. The industry shut down almost in its entirety in an attempt to curb the spread of the disease, and will probably soon be on the brink of collapse. And demand for new cars isn't great either.
Trying to get people to buy more cars during these hard times, Ford announced this week a program called Built to Lend a Hand, through which is offering up to six months payment relief for new customers buying a 2019 and 2020 model-year vehicle through Ford Credit, with the exception of the 2020 Super Duty trucks.
“Our dealers are incredibly connected to their communities,” said in a statement Kumar Galhotra, president, Ford North America. “And they’re willing to lend a hand by doing whatever it takes to help our customers in this time of need.”
Ford announced on Wednesday, March 18, together will both the other Detroit carmakers, it is shutting down plants across America. On Thursday, aside for the above incentive, it announced additional financial measures.
They include accessing the unused money it had in two credit lines, totaling $15.4 billion, the suspension of the company's dividends, and the withdrawal of the guidance it gave in February considering the “effects of the coronavirus, given uncertainties in the business environment.”
The full extent of Ford's financial preparations for the coronavirus fallout can be studied in the press release section below.
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