Ford Motor (NYSE:F) won’t unveil its autonomous vehicle service as had been planned earlier on. Reports indicate that the business guru will postpone the launch until 2022. It is for the same reason that has paralyzed many operations in other businesses, the COVID-19 pandemic.
The deadly virus was for the first time reported in China, and it has been spreading to the rest of the world like bushfire. It has resulted in the shutdown of major cities around the globe and businesses as well. Governments have intervened by executing lockdowns and curfews in a bid to safeguard lives. Ford has been affected just like the rest but vows to work towards minimizing the economic impact of the virus on its business.
It is a moment that the business guru has been forced to reconsider its go-to-market strategy as it looks forward to consolidating the losses already incurred.
The decision by the company was declared in the course of the delivery of its quarterly earnings. It was on Tuesday, which was the time the market was closed.
The company admits that it has been undergoing some difficult times, part of that being the $2 billion loss pronounced over the first quarter. Over the previous year, at the same time, the business guru had announced a profit of about $1.1 billion.
However, the company had seen the losses coming in advance and had sent out a warning. It had outlined tat the second quarter would be a bad turn that would see its losses widen. Ford is one of the many companies globally who have had to put up with the COVID-19 disruption of business operations. It is a pandemic whose effects will be experienced over a long time to come according to reports. The business disruptions are massive as governments globally continue looking for ways to help combat the virus, which has so far left many in many and dire frustrations resulting from the job losses.
Many companies have done quite much in line with the unveiling of the autonomous vehicle pilots in the United States. However, Ford is distinguishable from them, considering that has been focussing on some two parallel tracks.