Ford 2nd Quarter Operating Results

P. A. Schilke

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Phil
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From my retiree newsletter

Hi, Ford Team.


Our second-quarter 2020 financial results are out. You’ll find my video message and our press release on @FordOnline. You can also listen to the replay or read the transcript of our call with stock analysts when they post in a few hours. If you have any questions, please send me an email.


We’ve never seen anything quite like the last several months.


As the coronavirus continues to influence our lives, our customers and Ford, we’re doing everything reasonable to protect ourselves and others. That included developing and strictly following world-class guidelines for bringing our teams back to their workplaces. We used that playbook to safely turn on our plants around the world after being shut down for several weeks.


At the same time, colleagues in engineering, manufacturing (including UAW partners) and other functions were designing, making and delivering millions of face shields, face masks, respirators, ventilators and other personal protective and medical equipment to help combat the pandemic.

Performing Today, Creating Tomorrow Together

In Q2, we were productive in the now, near and far: making the most of lower industry demand, pressing ahead with major new-vehicle launches, and strategically investing in tomorrow.


We assured we had the resources to do all those things by bringing in $15.4 billion from existing lines of credit (half of which we paid back on Monday) and issuing $10 billion of debt. At the end of June, we had more than $39 billion in cash on our balance sheet, giving us lots of financial flexibility. Our ongoing Global Redesign also helped, lowering costs and preserving cash while the pandemic affects the global economy.


There were highlights from around the Ford world, among them:


  • Gaining a full percentage point of retail share in the U.S., thanks to strength of
    F-Series and Ranger pickups and Explorer, Lincoln Aviator and Lincoln Corsair SUVs, and ending the quarter at nearly pre-shutdown production levels in North America
  • Increasing our already-leading share with customers of commercial vehicles in Europe with our highly popular Transit line
  • Achieving double-digit, year-over-year gains in wholesale volumes in China, where our all-new Escape and Lincoln Corsair crossovers are being well received
  • Continuing to improve results in South America after exiting unprofitable parts of our business
  • Gaining strength in our International Markets Group, including in Australia, where the Ranger persists as the 4X4 leader
  • Constantly pushing to higher customers satisfaction by investing in connected services and other Mobility platforms, and
  • Demonstrating advantages of Ford Credit – helping customers financially affected by the pandemic while maintaining strong portfolio performance.



The future keeps getting more exciting, too.


The all-new version of F-150, the most popular vehicle in the U.S. for nearly 40 years, was introduced in June. Earlier this month, we gave customers what they’ve been asking for with the return – and expansion – of the legendary Bronco family. They’re joining Mustang Mach-E, which will be launched in Q4, as big parts of our most ambitious lineup transformation ever and examples of Ford’s future of smart vehicles.


Thank You!


The first half of the year challenged all of us, personally and professionally, in ways we didn’t imagine as we began the year. You’re all showing incredible flexibility and resilience as we deal with the resulting ambiguity. I appreciate everything you do for Ford and our customers.


Because of that, I’m optimistic. We are in a great position to come out of this strange, uncertain period as an even better Ford – doing great things for all our stakeholders, and thriving for a long time.


Let’s get to it! ?


Tim
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