Ford Motor Company has launched a supply chain finance programme with C2FO to support its suppliers during the pandemic. The move comes after Ford prepared for the Covid-19 downturn by drawing down more than $15 billion from existing credit lines, issuing $8 billion of unsecured bonds and suspending its dividend.
“In light of current market conditions, Ford is creating an early-payment program for our supply base,” said Jennifer Flake, communications director at Ford. “This new voluntary program creates access to cash flow and working capital to Ford suppliers.”
C2FO’s UK managing director, Matt McQuillan, said he was, “Delighted that Ford is now using C2FO to give their suppliers easy access to working capital so that they jump-start production and supply the parts that Ford needs.”
Ford rival GM launched its own early payment scheme last August with Wells Fargo.
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