Ford expects to lose $600 million during the first quarter of this year due, in large part, to the impact of the coronavirus pandemic.

The global coronavirus pandemic is going to move Ford Motor Co. $600 million into the red for the first quarter on a pre-tax basis, officials revealed Monday. The company reported a $2.4 billion profit for the same period last year.

As with all automakers, during the first quarter the outbreak pummeled Ford’s sales. It’s sales to dealers fell by 21% while its retail and fleet sales declined 12.5%. The company’s also shut down all of its North American plants, except for those producing needed medical equipment for first responders and patients.

Ford officials said its plants in China are now back up and running as the rest of the auto industry there is attempting to return to pre-outbreak normal. It’s still trying to figure out a plan for restarting operations in the U.S.

(Ford again delays production restart; others likely to follow.)

Ford is building ventilators at its Rawsonville (Michigan) Components Plant.

While the Q1 loss will be tough to swallow, the company did attempt to prepare for the rough financial road it — and most other carmakers — are facing for much of the year. The company drew on its two existing credit lines to bolster its cash position.

In March, Ford also suspended its $600 million regular quarterly dividend and antidilutive share repurchase program. Stone said the company is taking other steps to preserve cash, including by lowering operating costs, reducing capital expenditures and deferring portions of executive salaries.

“However, we believe we have sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions,” Chief Financial Officer Tim Stone said in a statement.

(Ford considering job cuts in face of coronavirus outbreak.)

That said, the company may investigate any government-backed financial assistance programs in the future, if they fell short of cash and were unable to go to the financial markets. It would be tough as Moody’s and Standard & Poor’s both have the automaker’s credit rated as junk.

Ford’s North American plants are shutdown for at least the next few weeks.

“We have a broad range of options” for obtaining additional financing if needed, the spokesman said. Ford said it had about $30 billion in cash on its balance sheet as of April 9, including $15.4 billion it borrowed last month.

Earlier this month, the No. 2 U.S. automaker said its first-quarter U.S. sales had fallen 12.5% during the quarter, which is especially concerning because the U.S., due to its profit-laden pickup truck and SUV sales, accounts for much of Ford’s profits.

(Detroit automakers, others temporarily shutter North American production.)

Ford has not yet completed the close of its first-quarter 2020 books and the preliminary financial data have not been subject to review or other procedures by the company’s independent auditor. The company’s announcement of first-quarter financial results, including estimates of the economic effects of the coronavirus pandemic on the business, is planned for April 28.  In March, Ford withdrew all guidance for 2020 financial performance it had given on Feb. 4.