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our help protect further in the throughout several of from this and with we're my why virus part priorities comments quarters. Ford's strengthened as future. its with have for a we been team, Being this That's we've on our discussed the tackle people amid crisis, call, has in our spread, and confidence you team actions stop what consistent even doing to the
operational First, improving execution. experience and customer
and free lay our capital. to future global progressing tough profitability, improvement Second, the foundation choices growth, automotive redesign, for in cash flow, returns making on
continued And Third, strong Fourth, and in scale results enhancing term fifth, from Ford can fitness, and long through opportunities for employing profitable efficiency Credit. growth benefits. structural mobility. drive to discipline durable capital prioritizing costs alliances that drive meaningful
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more approach top negatively allocation, This while America, the line did affected around from the In in on units, strengths. better on metrics especially capital revenue and globe reflects our mix, franchise to explore. North benefit F our is investments EBIT focused both disciplined which decline improvement and by series were bottom
our This rugged a three new and all and market, new the road includes Mach-E, our products small off upcoming launches utility, Mustang that F-XXX to of are Bronco.
to able launch you of be we as timing manufacturing on we will update a once We understanding bring better operational our readiness up. have our back
we negatively half last roll from forward flow rates also was EBIT second costs the as increased year-over-year by warranty year. of affected higher
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In declined South respectively. America, revenue XX% and XX% and wholesales
also offset which to addition partially pricing. currencies, only by are volume, the by net weaker In lower revenue influenced higher
we Importantly, since XXXX. and billion, $X.X EBIT our a loss strongest the region to XX% improvement narrowed year-over-year in our performance
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costs material compliance higher to new COX regulations. absorbs region the expected, As support with
continue portfolio, track drive global shifts benefits costs. to year product favorable of we actions at end. reductions, balance XX,XXX supported once expect restart headcount The our we continue by the net and the European higher on of to structural to complete production, down which in our pricing, redesign We're
China was at crisis. the the forefront of
effects other and our revenue about negative the the our business did down customers, a virus job were on and Wholesales Our XX%. stakeholders mitigating of team results. great on
relative contributed basis market improvement the Corsair and launches, a including sales New Escape in share to in faster to X.X%. to point improvement and product XX
year Aviator our and portfolio. to track launch additions be Explorer are should on to and this China important
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services vehicle platform. mobility future to strategic business our on opportunities mobility investments and reflect development continued in vehicle in Losses growth model for autonomous
in Ford charge at $XXX quarter performance delinquencies is in remain Portfolio $XX EBT levels. Credit down the quarter, first year-over-year. strong and low and of offs million delivered million the
credit of for sale results performed and the remains losses, lower as accruals off lease share of which lease year-over-year, and well awaiting related for include most X% COVID-XX units $XXX the industry future up volumes as expected, at auction. Lease However, sequentially. million, below significant about auction values auction off is better X% than up average
is At volume and auctions U.S. disrupting. in the vehicle present prices are closed. Sales very most are low,
As prices months. vehicle expect it or auctions reopen, how for market And period. disrupted how for we to be badly difficult some many say to is
we However, used over expect vehicle markets do normalize to time.
and Managed in above end end. to $X at quarter of billion $XXX $X the continue And target. providing at billion liquidity, remains receivables funding in future. first quarter, Credit diverse to the year-over-year Ford billion lower the has of end billion Credit financing $XX Ford sources lower year were access which At had
sheet automotive Ford its funding requirements Credit Ford as the balance ample sheet which is This balance Credit funding reduces its is liquidity, strong shrinks means with And importantly, lower self-liquidating. sales. generates liquidity. with structure
support important Ford an during asset. for customers dealers and strategic this crisis. And source important Ford of Credit is Credit remains an
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was billion We repurchase our also SX.X share which last program, year. anti-diluted suspended
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liquidity an global we while $X Finally, and opportunistic billion our further improve shut to unsecured last most our remain operations of issuance completed week, profile, cash down.
additional our sufficient through XX, cash us end strong balance wholesale. April An of at billion. with $XX take we believe is at is As no year amount to
quarter about begin to of though, sooner than as much the is as plan second restart end we announced we today Europe year. wholesale in plan the to Our the to phased
after other most like just a phases are in two there capital, OEMs, of working to cash halt production. outflow Relative
began March. late For us, in this
phase XX in about The by first run supplier driven severe, is off more is payables. a day
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that on number scheduled it is approximation can production the While depending number. factors, during payable plant a move this other shutdowns around year, and good of
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resume, driven starts, if production immediate flow an cash vehicles flow Once restoration wholesale Once of the of part supplier leverage. payables by inherent the will upon modest dynamics cash our you've improve, there's been wholesale. large payment
business and amplify executive aggressively and expenditures assessing to and improved capital for our to spending, lower addressing include reductions across long-term potential. opportunities thoroughly operations and of looking deferring eliminating or operating cash, our also These We're compensation. deferring our costs, preserve non-essential business fitness, driver
The incremental as flexibility cash from these and we other actions environment. challenging provide this navigate additional
be our this $X.X we $X.X billion billion year. CapEx with last lower than to compared to billion billion expect year example, $X.X and $X.X by For guidance billion down $X.X February to about
to our mid-March, in through our for we went guidance XXXX. financial outlook, Turning
updated we economic uncertain guidance you a provide February, when too unfortunately, we for it of to in early reminder, our environment year. said the Today, COVID-XX. As remains impacts the excluded outlook gave
year-over-year. quarter, largest from see way. crisis this believe industry We the restart in second in the down to assuming significantly second However, in quarter a we we every production phased continue the region volumes in as be impact will
make in But in recovery result, be than volume. all on are recover be second believe the the a taken actions up able we As a quarter $X we've billions. last of The everything we we are EBIT and will or of loss will just know more not a to billion. working
will will fully the for negative and on in launches in our as lower our we from be XXXX year, may volume. year impact products of new slated franchise focus launched lower and benefit, headwind including global industry volume realize overshadowed F-XXX, by industry strengths, biggest later this mix this any pressing margin be such to Lower impact net exiting explorer
driven to ongoing COVID-XX by favorability was we the our to year-over-year expect actions. structural mitigate actions Relative impact and business costs, of
turn QA, with. to over we Before let close me
sheet, to what in course and remain liquidity uncertain is this which maximizing time. proactive why is in doing we've strong our future balance We preserve uniquely to during right been committed charting our a
by the Our weather the confidence disruptions invest growth to and caused continue present recent actions to provide COVID-XX flexibility to in opportunities.
a have flow operational drive reaction customer bias execution We strong and financial our our including over cash to improve performance, free generation experience, time.
we the position optimistic I'm side of this other better ever achieve Operator? than to on will our long potential. term
