FOX Business’ Grady Trimble on how automakers, like Ford and GM, are helping fight coronavirus.
(Reuters) – Ford Motor Co said on Thursday it planned to restart production at some plants in North America as early as April 6, in a sign of hope for U.S. automakers as the industry grapples with the damages from the coronavirus pandemic.
Continue Reading Below
The No. 2. U.S. automaker said it was bringing key plants back online, while introducing additional safety measures to protect returning workers from the coronavirus pandemic.
“We will continue to assess public health conditions as well as supplier readiness and will adjust plans if necessary,” the company said in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR COMPANY | 5.39 | +0.44 | +8.89% |
Ford plans to begin production at its Hermosillo Assembly Plant on one shift.
FORD TO PRODUCE VENTILATORS, RESPIRATORS WITH 3M, GE HEALTHCARE
Earlier this week, Reuters had reported citing sources that Ford did not plan to restart production until at least April 6, warning it could be further delayed into April.
FILE – In this Sept. 27, 2018, file photo a United Auto Workers assemblymen work on a 2018 Ford F-150 trucks being assembled at the Ford Rouge assembly plant in Dearborn, Mich. (AP Photo/Carlos Osorio, File)
Detroit’s Big Three shut plants and curtailed production to limit the number of workers on the job to prevent the spread of coronavirus among roughly 150,000 factory employees.
The global auto industry is bracing for worldwide sales to plummet more than 12% from 2019, worse than the two-year peak-to-trough decline of 8% during the global recession in 2008-2009, research firm IHS Markit predicted on Wednesday.
TRUMP TOUTS AUTOMAKERS FOR VENTILATOR PRODUCTION
Detroit auto companies are in a far better financial health than they were ahead of the 2008-2009 crisis. Their balance sheets are healthier. Earlier this month, GM and Ford moved to build cash reserves further by drawing down a combined total of more than $30 billion from credit lines.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Shares of the company were down 4.8% in premarket trade.
CLICK HERE TO READ MORE ON FOX BUSINESS
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli)
