James Hackett. Photo: Spencer Platt/Getty Images

The coronavirus pandemic couldn't have hit Ford at a worse time — midway through a restructuring effort, with several critical vehicle debuts just around the corner.

Why it matters: With its factories closed and car demand sharply lower, it's more important than ever for Ford to get the company back on track quickly so it can weather the storm.

  • But some analysts are worried about what they see as a lack of urgency after Ford posted a $2 billion Q1 loss and predicted it would lose another $5 billion or more this quarter.
  • Pressed during an earnings call about whether Ford would accelerate its restructuring actions in light of the pandemic, CEO James Hackett acknowledged "one truth, right? Don't waste a crisis." But he offered no new plans.

What they're saying: "While the cash burn dynamics were in-line with what we had modeled, Ford did not appear to have a firm grasp on how it might accelerate restructuring actions to offset what could be a lower sales environment even post-lockdowns," Barclays analyst Brian Johnson wrote in a note to clients.

By the numbers: Ford has $35 billion in cash after recent borrowings, enough to last through the year if there's a prolonged crisis, CFO Tim Stone said.

  • So far, none of the Detroit automakers appears to be in need of a bailout.

For the record: Ford still owes the federal government $1.5 billion for government loans it received during the last crisis in 2009.

What we're watching: It's not clear when Ford will reopen its U.S. manufacturing plants but every day that it's not producing cars means more red ink.

  • Ford's European factories are scheduled to gradually resume production starting Monday.

Go deeper: Ford's big year upended by coronavirus

Go deeper

Jul 30, 2020 - Technology

Apple crushes earnings expectations

Tim Cook, kicking off Apple’s September 2018 event. Photo: Apple

Apple on Thursday handily beat expectations for quarterly sales and earnings and announced a 4-for-1 stock split.

Why it matters: The move comes a day after Congressional hearings and as other Big Tech firms also turned in stellar reports.

U.S. oil giants Exxon and Chevron post big losses

Data: Yahoo Finance; Chart: Andrew Witherspoon/Axios

The two largest U.S.-based multinational oil-and-gas giants both announced billions of dollars in second-quarter losses Friday in results that show the pandemic's toll on the industry.

Driving the news: ExxonMobil, citing "global oversupply and COVID-related demand impacts," reported a $1.1 billion loss, compared to $3.1 billion in profits the same period last year.

Updated 37 mins ago - Politics & Policy

Trump whisked out of press briefing after shooting outside White House

President Trump was escorted out of a coronavirus press briefing by a Secret Service agent on Monday evening after law enforcement reportedly shot an armed suspect outside of the White House.

What's new: The 51-year-old suspect approached a uniformed Secret Service officer on the corner of 17th Street and Pennsylvania Avenue NW, near the White House, and said he had a weapon, the agency alleged in a statement late Monday. He "ran aggressively towards the officer, and in a drawing motion, withdrew the object from his clothing."