This week is wide open for auto advancements! OEMs are prepping to reopen factories and putting in their sales predictions for the fiscal year. Meanwhile, cars are seeing a spike in popularity as commuters continue social distancing.
FROM REUTERS: U.S. Auto Industry Workers Return to Jobs Amid Concerns of Second Virus Wave
With the auto industry making up 6% of the U.S. economy, officials have been urged to approve factory reopenings, with Detroit’s production scheduled to return May 18th. However, public health experts warn of the repercussions if proper precautions are not taken.
FROM BLOOMBERG: The Car Is Staging a Comeback, Spurring Oil’s Recovery
In reopened cities across the globe, cars remain the preferred method of day-to-day transportation in an effort to reduce exposure to crowds. This preference bodes well for the struggling gasoline market as well as the future demand for personal vehicles.
FROM CBT NEWS: NA Automakers Well Positioned to Weather Recovery
Analysts believe the Detroit Three learned their lesson in 2008 and have fortified themselves with enough cash to combat the current economic downturn. This is a good sign for storefronts and the minimal amount of restructuring that will be needed to bounce back.
FROM THE WALL STREET JOURNAL: Toyota Sees Recovery This Year
The global manufacturer is looking on the bright side after a positive April in the U.S. and China. Current outlooks for the OEM’s financial year are predicting a 20% sales decrease but an 80% operating profit drop.