It’s trying times for U.S. auto suppliers as plants reopen the industry needs at least $20 billion
A worker assembles truck engine cooling module components at the MAHLE Behr Charleston Inc. auto part facility in Charleston, South Carolina, March 20, 2018.
Luke Sharrett | Bloomberg | Getty Images
The U.S. auto supplier industry was facing challenges heading into this year of slowing sales and investing in emerging technologies such as all-electric and autonomous vehicles. Then the coronavirus pandemic hit, turning a difficult situation into a dire one for some companies.
Unlike major automakers, which have billions of dollars in cash available, many suppliers weren’t prepared for such a drastic downturn in the economy. The coming weeks, as automakers attempt to reopen and ramp-up U.S. factories, will be trying times for suppliers, particularly small-to-medium-sized companies.
Julie Fream, CEO and president of Original Equipment Supplier Association, a trade group representing hundreds of auto suppliers, said the industry needs an …continued .
[Source: CNBC News]