Ford Motor Co. suspended the dividend that management has vowed to maintain even through a downturn as a global pandemic forces the struggling automaker to protect its cash reserves.

The company took the step to prioritize financial flexibility and investments in a series of new-product launches this year, according to a statement. Ford also said it will fully draw US$15.4 billion from two credit lines and withdrew the 2020 earnings guidance given to investors Feb. 4, which didn’t factor in the effects of the coronavirus.

“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,” Chief Executive Officer Jim Hackett said in the statement. “I’m confident in the actions we are taking to navigate the current uncertainty while continuing to build toward the future.”

Ford shares fell as much as 8.4 per cent before the start of regular trading. The stock closed Wednesday at the lowest since April 2009.

Analysts have speculated in the wake of the virus that the spreading disease probably would force Ford management’s hand. Then-CFO Bob Shanks said in August 2018 that reports the dividend was at risk were “baseless.”

“The dividend’s been a legendary value creator at Ford,” Hackett said Feb. 4. “I want to continue that, because we said we could do it, and right now we can.”