Ford (F) stock price was rising yesterday but today in the pre-market it is falling. Meanwhile, Ford is closing its plants after some workers tested positive for coronavirus.
Ford Motor Company (NYSE: F) stock price rose by 3.58% to $5.49 at the end of trading yesterday. Sources say that this was due to the automaker closing and reopening its Chicago plant twice. This happened within less than 24 hours.
At its Chicago plant, two workers tested positive for the coronavirus. These closures occurred on different shifts. The assembly plant was closed down to counter the spread of the coronavirus.
At the time of filing this report, in the pre-market, Ford (F) stock is at $5.41 (-1.46%).
F Stock Price Rises as Ford Closes and Reopens Its Plants
But the situation in Chicago is not teh only one of this kind for Ford. Ford also had to close its Dearborn Michigan plant. An employee there also tested positive to the coronavirus. All cases of infection occurred outside the workplace.
The automaker also indicated that disinfection and other measures were taken to prevent the spread in the workplace.
Ford’s highly profitable F-150 truck is manufactured in Dearborn. The Ford Explorer and the Lincoln Aviator are manufactured in Chicago.
The automaker had advised the workers to self-isolate for 14 days. The company explained its position:
“The safety of our workforce is our top priority. When two employees who returned to work this week tested positive for Covid-19, we immediately notified people known to have been in close contact with the infected individuals and asked them to self-quarantine for 14 days.”
An almost identical statement about the Dearborn worker was released as well.
The Chicago plant was shut down again due to a shortage of parts. The plant is currently working with two shifts. Carmakers have put in place several measures to prevent the spread of COVID-19. Measures include pre-work surveys and questionnaires, temperature readings, and social distancing. This helps to find those who are at risk of getting infected.
The Detroit auto workers union (the United Auto Workers) spokesman Brian Rothenberg told sources:
“The UAW is aggressively looking at and monitoring the process and the protocols and how they’re being implemented across the country. Our first priority is the health and safety of our members, their families, and their communities.”
Other Automakers Report Zero Cases
Other automakers Fiat Chrysler Automobiles NV (NYSE: FCAU) and General Motors Company (NYSE: GM) indicated that they had no cases of infections as they reopened.
There is yet no vaccine for the coronavirus. Countries are looking at ways to restart their economies without the risk of increasing infections.
The cautious measures implemented could serve as a template. This model also shows that certain types of businesses can still take place.
If the tentative measures work, more businesses will reopen. The doomsday prophecies foreseen by many will stop. President Donald Trump has been keen on getting the states to reopen. The White House has given guidelines for states concerning this.
Most states are yet to meet up with the guidelines. President Trump has left the final decisions for the reopening of states in the hands of their Governors.
Other transport industry updates are here.
next