Automaker after automaker has lined up and reported second quarter losses in the past several days, except Tesla — and now Ford Motor Co., sort of.
Ford turned a Q2 profit, reporting $1.1 billion in net income on revenue of $19.4 billion. However, if you take out a $3.5 billion gain from its investment in autonomous vehicle developer Argo AI, the automaker posted an adjusted EBIT loss during the quarter.
The adjusted EBIT result was $3 billion better than expected. The company post a $900 million net loss on revenue of $53.7 billion for the first half of the year
“I could not be prouder of the Ford team’s optimism and effectiveness as we manage through this pandemic,” said President and CEO Jim Hackett in a statement. “We delivered a strong Q2 while keeping each other safe, caring for customers and neighbors, and assuring tomorrow.”
The company is an island of good news in a sea of tough results due to the global pandemic. Ford said it repaid $7.7 billion of an outstanding $15.4 billion on its revolving credit facilities, and also extended $4.8 billion of its three-year revolving credit lines. The company ended the quarter with more than $39 billion in cash, some of that due to the draw down from the credit lines.
The company’s almost $40 billion in liquidity today is expected to be sufficient to maintain or exceed a target cash balance of $20 billion through the second half of this year, even if global demand declines or there is another major wave of pandemic-related plant closures.
“Our global team is delivering great value for customers, performing strongly and advancing the business against extraordinary headwinds,” said Ford CFO Tim Stone. “You’re seeing us fix things that held us back in the past, accelerate in areas like commercial vehicles and SUVs, and set ourselves up for growth in connectivity, electrification and autonomous vehicles.”
The quarter also saw Ford finalize several partnerships with Volkswagen. The alliance emphasizes innovation and choice for their respective customers of commercial vehicles and high-performing EVs, including:
- A medium pickup truck engineered and built by Ford
- A city delivery van developed and made by Volkswagen Commercial Vehicles and a
- 1-tonne cargo van created by Ford, and
- A highly differentiated Ford EV for Europe based on Volkswagen’s Modular Electric Drive, or MEB, toolkit.
Volkswagen also completed its investment in Argo AI. Ford and VW will work with Argo AI to independently develop autonomous vehicles at scale based on Argo AI’s innovative self-driving system.
In the meantime, CFO Stone said Ford’s expectations for the second half of the “assume no meaningful change in the current economic conditions, continued steady improvement in stability of the global automotive supply base, and no further significant coronavirus-related disruptions to production or distribution.”
The company predicted third-quarter adjusted EBIT of $0.5 billion to $1.5 billion, reflecting economic effects of the pandemic; year-over-year weaker global demand for new vehicles, parts and services; and a lower profit from Ford Credit than a year ago.
How Car Tires Are Manufactured
🚗 Cars are complex machines, each part made in highly specialized and specific ways, car tires included. Here is how car tires are manufactured.
🚕 Car tires are the part of your vehicle that keeps you moving forward. But have you ever wondered about how car tires are manufactured? Read ahead for a quick overview of the process.
❋ Design and Plan 👇
Designing the item you plan to manufacture is the first part of any industrial process. Car tires have been around for a long time now, and the manufacturing process is becoming increasingly digital. The design is usually created through engineering software, and the dimensions and curvature are handled with precision. After that, the tire-making machines receive this digitized format.
❋ Select Materials 👇
Most tires consist largely of rubber, both natural and synthetic. Oils, pigments, antioxidants, and other materials mix with the rubber to create each part of the tire. Tires must be crafted from quality, durable materials, including chemical agents, metallic cables, and fabric reinforcers.
❋ Melt and Mold 👇
Heat and friction work together to produce the final rubber composite that will mold the other parts of the tire. Tires are not one singular piece of rubber—they contain tread rubber, sidewall rubber, fabric-coated plies, and bead wires, among other components. A factory worker or automated apparatus then uses a tire-building machine in the shape of a collapsible drum to glue and set the tires. Finally, the tires cure over time, and subsequent heating and steaming help them fully coalesce
❋ Distribute Widely 👇
Quality control is important with tires—after all, tires must handle transporting drivers for thousands of miles on the road. After rigorous testing, the manufacturer packs the tires and distributes them to various sellers. These include tire stores all across the United States, from Trenton, New Jersey to Anderson, Indiana.
🟥 Knowing how car tires are manufactured can help you better select the parts for your vehicle. Because all cars are different and have specific needs, you should consult with a tire expert before choosing your next set of wheels.
👉↘ Source: Christina Duron is a freelance writer for multiple online publications where she can showcase her affinity for all things digital. She has focused her career around digital marketing and writes to explore topics that spark her interest.
Feast your eyes on the all-new, all-electric GMC Hummer EV
GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.
Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.
ALYI Highlights Next Steps
Dallas, TX – October 20, 2020 – OTC PR WIRE – Alternet Systems, Inc. (OTC PINK: ALYI) today announced plans to publish a comprehensive progress update next week targeting a Wednesday, October 28th release date.
Management indicates a number of major endeavors underway in important stages of development to include RevoltTOKEN financing partner’s efforts to finalize ICO details, next steps after finalizing the multiparty milestone agreement announced last week, and a new design path development for the company’s long-term plans for future electric vehicles in Africa.
Management anticipates wrapping up details on the above-mentioned endeavors by next Wednesday and being ready to release a comprehensive update.
For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
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