The coronavirus pandemic brought the U.S. automotive industry to a standstill. Investors will see just how bad the damage is when all three Detroit carmakers report earnings this week.
Ford has obtained commitments from enough relationship banks to extend the maturity of at least 90% of $5.35 billion of revolving loans for one year.
United Auto Workers members leave the Fiat Chrysler Automobiles Warren Truck Plant after the first work shift, Monday, May 18, 2020, in Warren, Mich.A major concern for the automakers is Potential problems for the remainder of the year include increases in Covid-19 cases leading to full or partial shutdowns of plants; leveling or declining consumer demand; and parts shortages, amid other potential issues.Wall Street is anxious to hear whether the automakers have identified any additional cost-cutting opportunities as a result of the pandemic.
PSA CEO Carlos Tavares and FCA CEO Mike Manley shake hands after signing a combination agreement that will lead to the creation of the world's fourth-largest global automaker in terms of annual sales ."There's that one truth, right? Don't waste a crisis," Ford CEO Jim Hackett told investors when discussing the company's first quarter earnings
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