FOCUS-May is crunch time for U.S. auto suppliers amid coronavirus shutdown [Reuters]
FIAT CHRYSLER AUTO NV (FCAU)
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Source: Reuters
May is crunch time for U.S. auto suppliers amid coronavirus shutdown DETROIT (Reuters) - Auto parts maker Kevin Clay landed a series of new contracts from customers early this year, and was bullish on 2020 after two challenging years. “I had the audacity or stupidity to say in January ‘I can’t imagine what could happen this year that could slow us down,’” said Clay, president and third-generation owner of Grand Rapids, Michigan-based Pridgeon & Clay, which supplies stamped steel and stainless steel parts to automakers and which has annual revenue of close to $350 million. But now, with much of the United States at a standstill due to the coronavirus outbreak, one of the company’s two U.S. plants is idled and the other has a skeleton staff producing parts for commercial trucks. Pridgeon & Clay is juggling pressure from lenders, automakers and its own suppliers, gambling that automakers can restart North American production by mid-May before the auto parts maker’s money begins to run ou
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