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

Ina Fried, author of Login
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.

Ben Geman, author of Generate
Jul 31, 2020 - Energy & Environment

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.

Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

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