Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Automakers, union form joint task force to limit coronavirus outbreak

Published 03/15/2020, 06:55 PM
Updated 03/15/2020, 06:58 PM
Automakers, union form joint task force to limit coronavirus outbreak
GM
-
F
-
STLAM
-

(Reuters) - Automakers General Motors (N:GM), Ford Motor Co (N:F) and Fiat Chrysler Automobiles (FCA) (N:FCAU) are forming a coronavirus task force along with the United Auto Workers (UAW) union to improve protections for their employees and limit the spread of the highly contagious virus.

The task force, which would be focusing on areas including vehicle production plans, is being headed by UAW President Rory Gamble, GM Chief Executive Officer Mary Barra, Ford CEO Jim Hackett, Ford Executive Chairman Bill Ford and FCA CEO Michael Manley, the parties said in a joint statement on Sunday.

Though automakers typically schedule plant staffing to allow for a certain proportion of absent workers, according to industry consultants, if the outbreak causes higher levels due to infection or workers staying home to care for children whose schools are closed, that could lead to reduced production or in extreme cases shutdowns.

Production at an FCA assembly plant in Canada was halted for 24 hours after employees there refused to work on Thursday over fears of an employee being possibly exposed to the coronavirus.

Separately on Thursday, the Italian-American automaker said that one of its employees had tested positive for COVID-19, a respiratory disease caused by the new coronavirus, at its transmission plant in Indiana. The plant, however, remained open.

"This is a fluid and unprecedented situation, and the task force will move quickly to build on the wide-ranging preventive measures we have put in place," the CEOs of the three companies said in the statement.

The task force would also be focusing on aspects such as health and safety education, health screening, food service at the automakers' locations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.