MICHauto recently partnered with Dykema and The Right Place to survey automotive industry businesses and professionals to better understand the challenges they are facing as a result of the COVID-19 pandemic. The survey results linked below analyze these responses and discuss the impact of COVID-19 on automotive operations and revenues framed by the outlook for the U.S. economy and automotive industry moving forward.
Listen To A Discussion Of Survey Results:
Key findings include:
- 46% of total respondents have a negative outlook of the U.S. economy over the next year, dropping to only 13% over the next 24 months.
- 56% of total respondents believe U.S. light vehicle production will strengthen in 2021 compared to 2020.
- 50% of total respondents have accessed the Paycheck Protection Program.
- 84% of automotive industry respondents were required to suspend or curtail operations in the U.S. due to a government-ordered shutdown, along with nearly
- 50% shutting down operations in Mexico.
- 20% of automotive industry respondents were required to suspend or curtail operations in the U.S. due to COVID-19 related issues after reopening, compared to only 5% in Mexico and 5% in Europe.
- 44% of total respondents believe company revenues will decline more than 20% over the next year, and another 44% expect declines between 1% and 20%.
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