Ford moved to hoard cash, drawing down $15.4 billion from two credit lines and suspending its dividend. It has also abandoned its 2020 financial forecast.
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The company halts manufacturing operations at its Plants in Chennai (Tamil Nadu), Surajpur (Uttar Pradesh) and Faridabad (Haryana) till 31st March 2020.
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Temporarily suspended production at its Alliance manufacturing facility, Renault Nissan Automotive India Private Ltd. (RNAIPL) in Chennai.
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The company’s manufacturing facility in Anantapur (Andhra Pradesh) and company office premises will stop functioning until further notice, said the company.
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Automakers across the country have all declared temporary shutdowns, aligning with government notifications as India goes under lockdown.
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In India, favourable conditions such as availability of skilled workforce and technology in manufacturing, an abundance of exploitable renewable energy resources, and a culture that accepts and promotes sharing of resources and assets have created an opportunity for accelerated adoption of E.V.'s over ICE vehicles.
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Indian carmaker Tata Motors Ltd said on Friday it was rapidly scaling down activity at its car factory in Maharashtra and was preparing to close it if concerns about coronavirus deepen.
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The duration of this shut down will depend upon the Government policy.
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This is in view of the precautionary measures taken in the wake of the COVID-19 pandemic, said the company.
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TKM has voluntarily decided to temporarily halt production in its plant in Bidadi, Karnataka till further announcement.
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