The COVID-19 coronavirus outbreak has sent much of the US into shutdown mode, but the Big Three Detroit automakers are keeping their factories running.
General Motors and Chrysler both needed government bailouts before entering bankruptcy. Ford avoided a bailout, but CEO Alan Mulally, sensing a downturn on the wind, effectively mortgaged all the Blue Oval's assets to borrow nearly $24 billion. Last year, about 17 million passenger cars and light trucks were sold in the US, a robust figure. The automakers have set up their balance sheets to survive a downturn to below the so-called "replacement rate," of roughly 15 million. GM has also said that it can remain profitable at an 11 million annual sales level, which would recall the collapse of 2009, when sales dipped below 10 million.
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