Ford Motor Company expects a steady improvement in the stability of the global automotive market supply and does not foresee any further production stoppages due to the COVID-19 pandemic in this quarter.
In June, Ford and Volkswagen entered an agreement to share platforms for electric vehicle (EV) production which is slated to produce eight million commercial vehicles in the future, the company said in its interim earnings report on Thursday.
Ford’s car sales declined by 23pc in H1 2020, tallying at 950,199 units compared to 1.24 million units in the first six months of 2019.
In Q2 2020, global sales decreased by 33pc to 433,869 units from 650,336 vehicles sold in Q2 2019. However, Ford’s subsidiary, Lincoln, saw a lesser drop of 18pc to 21,281 units in the same period. Ford held a 14.2pc market share in North America while its European market share stood at 7.1pc.
For the first six months of 2020, Ford posted revenue of $8.6bn compared with $10bn in H1 2019. However, in the second quarter this year, the company revenue increased by 30pc to $9.1bn, from $6.5bn in the same quarter last year.