Automotive know-how provider Aptiv mentioned Monday it might draw down the remaining $1.four billion on its revolving credit score facility because it builds a battle chest towards the financial maelstrom attributable to the novel coronavirus.

The corporate's board additionally voted to droop its dividend of about $225 million yearly. With the extra funds Aptiv mentioned it should have money available of about $1.7 billion.

"The impacts of COVID-19 are more and more decreasing visibility into when prospects' crops will likely be absolutely operational, in addition to creating the potential for decrease shopper demand and extra provide chain interruptions, which might adversely affect car manufacturing," the corporate mentioned in a press launch.

Aptiv mentioned it is "ramping down" unnamed manufacturing crops to coincide with buyer plant closures and modifications in car manufacturing schedules.

As a result of altering automotive panorama throughout the pandemic, the corporate can be withdrawing its earlier income steering, selecting to supply a...