Jeremy Kennedy, a Ford employee, secures the engine and transmission to the subframe of a new 2020 Explorer at Chicago Assembly Plant.
Not even during the Great Recession and bankruptcies of General Motors and Chrysler did the automotive industry come to a standstill as it has during the coronavirus pandemic.
U.S. automakers are losing billions of dollars every month with the majority of American factories shuttered since March and dealer showrooms closed or running on a limited basis.
“We’re experiencing unprecedented times as a result of this pandemic,” GM CFO Dhivya Suryadevara told investors during a call Wednesday.
No one could have prepared for Covid-19, but the Detroit automakers, including Ford Motor and Fiat Chrysler, are weathering the storm without talk of bankruptcies or the need for the same level of assistance the airline industry just received. It’s a stark contrast from 2008 and 2009.
The ‘hard way’
“The automakers themselves are in quite a bit different…