Ford expects first quarter losses to total £478m

Tim Stone, Ford’s chief financial officer: “We continue to opportunistically assess all funding options to further strengthen our balance sheet and increase liquidity."

Ford expects to see losses of $600 million (circa £480m) in the first quarter of 2020, as sales dwindle in the midst of the coronavirus pandemic.

The American firm said first-quarter sales were down 21 per cent compared with the same period last year because of production slowdown and reduced consumer demand driven by local lockdown orders across the globe.