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FORD TAKES ACTION TO ADDRESS EFFECTS OF CORONAVIRUS PANDEMIC; COMPANY OFFERS NEW-CAR CUSTOMERS SIX-MONTH PAYMENT RELIEF

· 4 min read
  • $15.4 billion of additional cash on balance sheet, drawing from two credit lines
  • Dividend suspension to preserve cash and provide additional flexibility in the current environment
  • Withdrawal of company guidance for 2020 financial performance
  • Three month payment deferral for eligible U.S. new-car customers, plus three more paid by Ford, for up to six months of payment peace of mind
Ford Launches New 'Built to Lend a Hand,' Providing New Car Buyers Peace of Mind With Up to Six Months of Payment ReliefDEARBORN, Mich., March 19, 2020 – Ford Motor Company is taking a series of initiatives to further bolster the company’s cash position amid the coronavirus health crisis, maintain strategic flexibility on behalf of its team and customers, and set up Ford to separate itself from competitors when the global economy emerges from the current period of acute uncertainty. “Like we did in the Great Recession, Ford is managing through the coronavirus crisis in a way that safeguards our business, our workforce, our customers and our dealers during this vital period,” said Ford CEO Jim Hackett. “As America’s largest producer of vehicles and largest employer of autoworkers, we plan to emerge from this crisis as a stronger company that can be an engine for the recovery of the economy moving forward.” The company today notified lenders that it will borrow the total unused amounts against two lines of credit: $13.4 billion under its corporate credit facility and $2 billion under its supplemental credit facility. The incremental cash from these borrowings will be used to offset the temporary working capital impacts of the coronavirus-related production shut downs and to preserve Ford’s financial flexibility. “While we obviously didn’t foresee the coronavirus pandemic, we have maintained a strong balance sheet and ample liquidity so that we could weather economic uncertainty and continue to invest in our future,” Hackett said. “Our Ford people are extremely resilient and motivated, and I’m confident in the actions we are taking to navigate the current uncertainty while continuing to build toward the future.” Ford has regularly described targets of having $20 billion in cash and $30 billion in liquidity heading into an economic downturn. At the end of 2019, those levels were $22 billion and $35 billion, respectively. At the same time, Ford announced it has suspended the company’s dividend, prioritizing near-term financial flexibility and continued investments in an ambitious series of new-product launches in 2020 and long-term growth initiatives. Also, Ford said it is withdrawing the guidance it gave on Feb. 4 for 2020 financial performance, which did not factor in effects of the coronavirus, given uncertainties in the business environment. The company will provide an update on the year when it announces first-quarter results, which is currently scheduled for April 28. Ford this week announced plans to temporarily stop production at its plants in North America and Europe starting today. The actions were taken to protect the health and safety of employees and respond to issues with the supply chain and other constraints. The company will work with labor representatives to safely and effectively restart production in the weeks to come. Hackett noted China was the first country to face the virus and is now emerging from the coronavirus crisis and showing improvements in automobile demand. This news on the China recovery should be a source of optimism about the overall economic recovery as the virus abates, he said.   ‘Built to Lend a Hand’ Program Provides Peace of Mind With Up To Six Months of Payment Relief Separately, Ford and its U.S. dealers are offering customers who are dealing with their own peripheral challenges from the coronavirus a variety of services, including six months of payment relief for new-car buyers under the new “Built to Lend a Hand” program. Under the new program, developed with its dealers, Ford is offering six months of payment relief for eligible new-car customers who finance their purchases through Ford Credit. Ford will pay for three months and customers can defer for up to three more for a total of six months. The program is for people purchasing 2019 and 2020 model-year vehicles, excluding 2020 Super Duty trucks. “Our dealers are incredibly connected to their communities,” said Kumar Galhotra, president, Ford North America. “And they’re willing to lend a hand by doing whatever it takes to help our customers in this time of need.” More information about the “Built to Lend a Hand Program” is available at Ford.com.  

About Ford Motor Company

Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification, autonomous vehicles and mobility solutions. Ford employs approximately 190,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit corporate.ford.com.
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Ford Ranger Tremor XLT / Lariat
Sep 15, 2020 in Albertville Ford Dealer

NEW FORD RANGER TREMOR OFF-ROAD PACKAGE CREATES MOST OFF-ROAD-CAPABLE FACTORY-BUILT RANGER EVER FOR U.S. CUSTOMERS

New Tremor Off-Road Package available on 2021 Ranger creates the most off-road-ready factory-built Ranger ever offered in the U.S., adding a new level of all-terrain capability without sacrificing the everyday drivability, payload and towing capacity Ranger owners expect. New Tremor Off-Road Package available on 2021 Ranger creates the most off-road-ready factory-built Ranger ever offered in the U.S., adding a new level of all-terrain capability without sacrificing the everyday drivability, payload and towing capacity Ranger owners expect Ranger Tremor features a lifted suspension with off-road tuned FOX ™ 2.0 monotube dampers and rear piggyback reservoirs, specially tuned front coilover and rear leaf springs, 32-inch Continental General Grabber ™ all-terrain tires and six-switch auxiliary power pack to manage accessories including winches, light bars and air compressors Thanks to its General Grabber tires and new wheel lips, Ranger Tremor has a 1-inch wider stance; it features Magnetic-painted wheels, hoop-style steps, rear recovery hooks, painted grille, and optional hood and body graphics, plus package-exclusive seats with Miko suede inserts and black interior accents DEARBORN, Mich., Sept. 14, 2020 – Ford today answers the call of Ranger customers asking for an even more off-road-capable and agile Built Ford Tough midsize truck, revealing the new available Tremor Off-Road Package designed to help owners tackle even rougher off-road terrain without compromising Ranger’s payload and tow ratings. 2021 Ford Ranger Tremor goes beyond today’s already-capable FX4 Off-Road Package, making it the most off-road-capable factory-built Ranger ever offered in the U.S. “Tremor gives Ranger customers a new level of off-road confidence and fun,” said Chad Callander, Ford Ranger marketing manager. “With increased ground clearance, off-road tuned suspension and aggressive Continental General Grabber tires, Tremor elevates Ranger’s off-roading capability even further while keeping the unique advantages that come with a cargo box for hauling gear anywhere.” Tremor starts with a lifted suspension, redesigned front knuckles and 32-inch Continental General Grabber ™ A/TX all-terrain tires on new 17-inch Magnetic-painted wheels that combine to deliver 9.7 inches of ground clearance – 0.8 inches more than the base Ranger SuperCrew 4x4. FOX ™ 2.0 monotube dampers with rear piggyback reservoirs and hydraulic rebound stops are tuned for a comfortable ride on pavement while offering control over severe terrain.  The shocks are specially tuned with progressive rebound end zone damping to support vehicle control where the pavement ends. Front and rear springs are tuned for greater off-road composure. A multi-leaf rear spring setup enables increased wheel travel. Anti-roll bar stiffness has been reduced to minimize disruption over rough terrain and improve comfort off-road. Tremor boosts Ranger’s off-road metrics, including a 30.9-degree approach angle, up 2.2 degrees from the base SuperCrew 4x4, a 25.5-degree departure angle, which is up 0.1 degrees and a 24.2-degree breakover angle, up 2.7 degrees. Compared to base Ranger, front suspension travel increases to 6.5 inches. Rear suspension travel increases to 8.1 inches. 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Despite its improved off-road capability, Tremor maintains Ranger’s utility in everyday adventures with a smooth, comfortable on-road ride, plus 1,430-pound maximum payload and available 7,500-pound maximum towing capacity, so customers can haul bikes, boats, campers and other gear on their adventures. Customers can now also control accessories like winches, lights and air compressors thanks to Tremor’s six-switch auxiliary power bank mounted to the dash with rated loads of 25 amps, 15 amps and 10 amps, plus three switches at 5 amps. “Ranger Tremor can be your daily driver during the week then transform into your off-road adventure vehicle come Saturday morning,” said Todd Eckert, Ford truck group marketing manager. “With its added off-road capability combined with the six-switch auxiliary bank and more than 200 Ranger-specific dealer-installed available accessories, Ranger Tremor is a very capable overlanding rig.” Tremor adds new styling features inside and out. The grille features a Magnetic-painted surround with black bars running across the middle and red nostril accents in the corners. Special badging comes on both sides of the cargo box, and an optional hood and body graphics package adds extra personalization. The stylish interior features seats with Miko suede inserts and “Tremor” stitched into the seatbacks, as well as black accents. Ranger Tremor comes with the proven 2.3-liter EcoBoost ® engine with 270 horsepower and best-in-class gas torque of 310 lb.-ft., paired to a class-exclusive 10-speed automatic transmission and standard 4x4 with electronic locking rear differential. “No matter if you’re on-road or off-road, your truck needs to be tough,” said Callander. “That’s why toughness is engrained in Ranger’s DNA throughout design, engineering and testing. Tremor gives you the added confidence to get to where you need to go because it’s engineered to the same standards you expect in a Built Ford Tough truck.” The Tremor Off-Road Package is available on mid XLT and high Lariat series 2021 Ranger trucks with SuperCrew 4x4 configuration. Package pricing is $4,290 MSRP. 2021 Rangers equipped with the Tremor Off-Road Package will be built at Michigan Assembly Plant in Wayne, Michigan, with production slated to begin early next year. About Ford Motor Company Ford Motor Company is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford cars, trucks, SUVs, electrified vehicles and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification; mobility solutions, including self-driving services; and connected services.  Ford employs approximately 188,000 people worldwide. For more information regarding Ford, its products and Ford Motor Credit Company, please visit www.corporate.ford.com. New Tremor Off-Road Package available on 2021 Ranger creates the most off-road-ready factory-built Ranger ever offered in the U.S., adding a new level of all-terrain capability without sacrificing the everyday drivability, payload and towing capacity Ranger owners expect.

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