announced it would access $15.4 billion in credit lines, adding to $20 billion cash on hand, to combat the effects of the coronavirus outbreak.
Ford also said it would suspend its quarterly dividend, which has been the highest in the auto industry.Visit Business Insider's homepage for more storiesOn Thursday, Ford announced that it would tap $15.4 billion in credit lines, adding to $20 billion in cash on its balance sheet to weather the coronavirus pandemic.
The level of borrowing is reminiscent of the carmaker's actions prior to the financial crisis, when it effectively mortgaged all its assets to borrow $24 billion, averting the bankruptcies that General Motors an Chrysler endured. "Like we did in the Great Recession, Ford is managing through the coronavirus crisis in a way that safeguards our business, our workforce, our customers and our dealers during this vital period," CEO Jim Hackett said in a statement.
"As America's largest producer of vehicles and largest employer of autoworkers, we plan to emerge from this crisis as a stronger company that can be an engine for the recovery of the economy moving forward."On Wednesday, Ford announced that it
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