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Results Are In: COVID-19 Automotive Outlook Flash Survey

August 3, 2020

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%.