On Monday, major automakers, suppliers of parts, and dealers of auto pressured US lawmakers to provide strong credit facilities to ensure sufficient liquidity in the auto industry amid the new coronavirus pandemic.
The group which includes General Motors Co., Volkswagen AG, and Toyota Motor Corp. stated in a letter that Congress should take measures to bring loans and loan guarantees to all degrees of players in the industry.
The letter quoted analysts’ expectation of US auto sales to drop in March by 90% due to the closing of 95% of auto plants in the country to limit the spread of the virus. The closing affects around 165,000 employees.
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Published on March 24, 2020 6:16 PM (GMT+8)Last Updated on March 24, 2020 6:16 PM (GMT+8)
