The Car Industry’s $1.1 Trillion Debt Problem

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The acute phase of the coronavirus crisis has passed for automakers. But WSJheard says the chronic phase may be starting. WSJWhatsNow

No auto maker has gone bust in this recession. None seems likely to either, given the ready availability of cash. The combination of ample central-bank liquidity and a functioning financial system have forestalled the kind of existential drama that rocked the industry in 2009.

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