Tag: Ford

Rivian shuts down all facilities over COVID-19 pandemic concerns

Rivian, the buzzy electric vehicle startup that is backed by Amazon and Ford, is shutting down all of its facilities due to the spread of COVID-19, the disease caused by coronavirus. Rivian employs more than 2,000 workers across several locations, including its headquarters in Plymouth, Mich., a factory in Normal, Ill. as well as operations… Continue reading Rivian shuts down all facilities over COVID-19 pandemic concerns

SpaceX and Tesla are ‘working on’ ventilators, Elon Musk says

Elon Musk tweeted Friday that Tesla and SpaceX employees are “working on ventilators” even though he doesn’t believe they will be needed. His confirmation on Twitter that both of the companies he leads are working on ventilators comes a day after New York City Mayor Bill de Blasio made a direct plea to Musk to help… Continue reading SpaceX and Tesla are ‘working on’ ventilators, Elon Musk says

Press Releases – Coronavirus: EU auto industry faces unprecedented crisis

Brussels, 20 March 2020 – The effect of the coronavirus on society and the global economy is unprecedented, with grave consequences for the automobile industry. Indeed, most of the members of the European Automobile Manufacturers’ Association (ACEA) have already announced temporary closures of plants due to collapsing demand, supply shortages, and government measures, and are… Continue reading Press Releases – Coronavirus: EU auto industry faces unprecedented crisis

Waymo suspends all self-driving services in light of coronavirus pandemic

Waymo has extended the partial suspension of its autonomous vehicle service pilots to include fully driverless vehicle testing, the company confirmed on Friday. While Alphabet-owned Waymo had already stopped operation of the autonomous driving vehicles in its fleet that have safety drivers on board, in the interest of minimizing the potential spread of coronavirus, it… Continue reading Waymo suspends all self-driving services in light of coronavirus pandemic

Tesla shuts down California and New York factories, keeps Nevada open during coronavirus crisis

Tesla will suspend most operations at its Fremont, Calif., and Buffalo, N.Y, factories at the end of the workday on Monday to bring itself in line with local measures to prevent the spread of the coronavirus, the company has confirmed in a press release.The automaker will continue vehicle deliveries and service as possible, and both its charging network and battery factory in Sparks, Nev., will remain open, as the local sheriff has deemed the facility an “essential” business.Ford, General Motors, Chrysler, Honda and Nissan have temporarily suspended operations at all of their U.S. factories.

Ford suspends dividend, draws down $15.4 billion from two credit lines to bolster reserves – Washington Post

Comparing the current situation to the 2008-2009 financial crisis, Chief Executive Jim Hackett said Ford was putting in place safeguards to protect its business. Ford has come under fire from some analysts on Wall Street for moving too slowly to cut costs and restructure its business. At the end of last year, it had booked… Continue reading Ford suspends dividend, draws down $15.4 billion from two credit lines to bolster reserves – Washington Post

Ford is re-running its financial crisis playbook as it borrows $15.4 billion to avert the coronavirus crisis

On Thursday, Ford announced that it would tap $US15.4 billion in credit lines.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 $US24 billion, averting the bankruptcies that General Motors an Chrysler endured.The program expands on measures previously announced by Ford Credit.