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Enthusiasts Ford Throws Lifeline to Auto-Parts Suppliers Facing Cash Crunch

02:55  23 may  2020
02:55  23 may  2020 Source:   msn.com

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(Bloomberg) -- Ford Motor Co. is helping some of its suppliers survive a coronavirus cash crunch by paying its bills early to ensure that critically needed parts That has caused a cash -flow crisis at many auto - parts suppliers that don’t have deep capital reserves. Ford burned through billion in the first

Ford is sitting on billion in cash , one of the 10 biggest balance-sheet hoards in corporate America, but with a difficult transition to electric vehicles and other pressures in the "The Ba1 ratings reflect the considerable operating and market challenges facing Ford , and the weak earnings and cash

(Bloomberg) -- Ford Motor Co. is helping some of its suppliers survive a cash crunch by paying its bills early to ensure that critically needed parts keep flowing to its auto factories.

An employee inspects a vehicle frame at the Ford Motor Co. Chicago Assembly Plant in Chicago, Illinois, U.S., on Monday, June 24, 2019. Ford invested $1 billion in Chicago Assembly and Stamping plants and added 500 jobs to expand capacity for the production of all-new Ford Explorer, Explorer Hybrid, Police Interceptor Utility and Lincoln Aviator. © Bloomberg An employee inspects a vehicle frame at the Ford Motor Co. Chicago Assembly Plant in Chicago, Illinois, U.S., on Monday, June 24, 2019. Ford invested $1 billion in Chicago Assembly and Stamping plants and added 500 jobs to expand capacity for the production of all-new Ford Explorer, Explorer Hybrid, Police Interceptor Utility and Lincoln Aviator.

The car industry in North America is just restarting after shutting down for two months to slow the spread of the coronavirus. That has caused a cash-flow crisis at many auto-parts suppliers that don’t have deep capital reserves.

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Ford burned through $8 billion in the first three months of the year, but it has built up a substantial cash pile by suspending its dividend, drawing down its credit lines and selling junk bonds. Now it is helping keep key component suppliers afloat by paying invoices early.

“In light of current market conditions, Ford is creating an early-payment program for our supply base,” Jennifer Flake, a company spokeswoman, said in an emailed statement. “This new voluntary program creates access to cash flow and working capital to Ford suppliers.”

The automaker, which is projecting a $5 billion operating loss for the second quarter, said it is making these early payments to a small group of key suppliers it declined to identify. The company plans eventually to expand the program to other manufacturers across its supply base, Flake said.

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GM’s Pickup Plants Are Latest Victims of Bumpy Auto Reopen .
General Motors Co. is delaying the start of second production shifts at two pickup plants as auto manufacturers trying to ramp up production after weeks-long shutdowns struggle to procure enough parts. GM originally planned to run two shifts next week at the factories in Fort Wayne, Indiana, and Flint, Michigan, according to a spokesman. While a sport-utility vehicle facility elsewhere in its home state is still on track to boost output, the truck plants may need to give suppliers in Mexico that have been resuming work more slowly another week to catch up.

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