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Old 19th March 2020, 19:02   #1
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Default Coronavirus: BMW shuts European factories

According to a media report, BMW has closed its European factories as well as a factory in South Africa due to the coronavirus outbreak.

Coronavirus: BMW shuts European factories-bmw-logo.jpg

The shut down is expected to last till April 19, 2020. The European and South African factories together accounted for half the 2.56 million cars built by the German carmaker in 2019. The carmaker expects profits to fall this year due to the outbreak.

Along with BMW, Daimler, Volkswagen, Lamborghini, Ford, Fiat and Peugeot have also moved to close their factories.

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Old 19th March 2020, 19:10   #2
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Default Re: Coronavirus: BMW shuts European factories

This thing is getting worse. The magnitude of sum total of the losses in the world economy will be incalculable. This shutdown will be followed by job losses. And it’s not that demand will pick up immediately after a month. I don’t mean to spread panic but this is the harsh reality.
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Old 20th March 2020, 10:34   #3
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Default Re: Coronavirus: BMW shuts European factories

More shutting down, including Tesla's CA & NY plants, GM + Ford + Chrysler (USA), Honda (Europe & US), many in the UK (Nissan, Toyota etc.).

As of now, I'm not seeing any industry consensus on employee salaries. But if things get worse (which I think they will), partial salaries might get negotiated with workers.

Indian manufacturers will soon follow. Not just for the danger of the virus, but also because demand has completely dried up in the market. Am hearing scary stories from Mumbai car dealers.
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