India, March 19 -- Ford Motor has withdrawn its outlook for fiscal year 2020 and suspended its dividend, amid the coronavirus pandemic. It has also offered payment relief to some new-car buyers.
Ford said that it will borrow the total unused amounts against two lines of credit: $13.4 billion under its corporate credit facility and $2 billion under its supplemental credit facility.
The company will use the cash from borrowings to offset the temporary working capital impacts of the coronavirus-related production shut downs and to preserve the company's financial flexibility.
Ford has offered six months of payment relief for eligible new-car customers who finance their purchases through Ford Credit.
Ford said it will pay for three months a...