GM Posts Small Profit, Plans May 18 Production Restart
Welcome to The Grid, R&T’s quick roundup of the auto industry and motorsports news you should know this morning.
GM Manages Small Q1 Profit, Plans May 18 Production Restart
Ford and Fiat Chrysler lost money in Q1, largely thanks to the coronavirus crisis, but GM actually managed to post a small profit. In its Q1 report released today, GM says it earned just under $300 million in Q1, but noted that the crisis had an estimated impact of $1.4 billion. Automotive News reports that GM, like FCA, is targeting May 18th to restart production at its U.S. plants, and UAW president Rory Gamble is on board. This is all relatively good news for GM, but it’ll be interesting to see its Q2 report, which may reveal a bigger coronavirus toll.
IndyCar Teams Return to Work
With the NTT Data IndyCar series planning on starting the delayed 2020 season in a month’s time, most of its teams are returning to work. Over at Racer, Marshall Pruett reports that the state of Indiana—home to a majority of teams—gave special approval for IndyCar outfits to return to work. Similar agreements will come into effect in other states where teams are located.
“The governor made it clear that it’s good for the teams in surrounding counties to get back to preparing for the resumption of motor racing,” IndyCar CEO Mark Miles told Racer in an interview. “The City of Indianapolis determined that it was good to do the same, and our teams have been working collaboratively to arrive at the best practices” For more on how teams will ensure personnel safety, be sure to check out Pruett’s full report.
Ferrari Delays New Models
The coronavirus crisis didn’t have as big an impact on Ferrari as it did, say, Ford, but it did set things back a few months. Automotive News Europe reports that CEO Louis Camilleri told analysts that the crisis has delayed two of the brand’s planned 2020 reveals, and pushed back deliveries of cars like the F8 Spider, 812 GTS, SF90 and Roma coupe. Ferrari is also expecting sales to be down this year, mainly due to the government-mandated shut down of its factories, which only resumed work yesterday.
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