Results Are In: COVID-19 Automotive Outlook Flash Survey

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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%.

View and download the full report


Download the At-A-Glance Summary Infographic


 

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