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Ford (F) stock price has risen by 6% today as automakers in the U.S. have started to resume operations after the coronavirus lockdown. It seems that the economy has come one step closer to the recovery.
Ford Motor Company (NYSE: F) stock price rose in the pre-market by 3% and continues rising as the market opened today. This came as the U.S. auto industry is set to return to manufacturing. Things might not be as fast as before but things are returning to some semblance of normalcy.
At the time of writing, Ford (F) stock price was at $5.22 (+6.21%).
Ford (F) Stock Price Rises as Automakers Prepare to Reopen
Automakers had been preparing for the reopening for weeks. This comes as many pundits fear that the 1 million-plus industry is at risk in its entirety because of the COVID-19 pandemic.
Automakers have made preparations to mitigate such risks. Sources say that Ford had already implemented social distancing measures. Remote temperature capturing was also in place. The automaker also plans to ensure the constant disinfection of its premises.
Reopening automaker plants has to be a balancing act. Ford CEO Jim Hackett told sources as much last week. He told sources:
“There are two truths here and they’re in competition, it’s one of the biggest paradoxes. One is we’ve got to have safe work environments, and the other is if we keep the economy turned off we’re going to have a fate worse than some of the things that the virus is causing. So what you’ve got to do is ameliorate the conflict.”
Hacket made those comments at a time when the United States Federal government is looking to the automakers to produce ventilators and other equipment.
United States President Donald Trump will reportedly inspect a Michigan auto plant that has been retooled for those. The factory will reportedly manufacture ventilators and personal protective equipment.
The reopening of the U.S. economy has always been an issue. The U.S. federal government has already given its conditions for reopening. About a week ago, 30 states were set to reopen. They hadn’t met the conditions though.
President Trump Is in Favor of the States Reopening
President Trump has put his full support in favor of the states reopening. Dr. Anthony Fauci the Director of the National Institute of Allergy and Infectious Diseases has been more cautious. he has told a U.S. Senate committee that the “consequences could be really serious”.
The added cost of testing has already been factored into operations by automakers. Sources say that Ford (F) has already entered into contracts with health providers for employees who show COVID-19 symptoms.
Testing will start in Michigan, Kentucky, Kansas City and, Chicago. the approach is to limit the risk of the spread of COVID-19 among employees.
As the factory doors reopen, the Ford Motor Company is certainly set to return to normalcy. Then again, until a cure, vaccine, or form of treatment is found, things will never be the same.