Despite efforts in converting part of their facilities to produce ventilators and face masks for fighting the coronavirus pandemic, global carmakers are still reporting losses that are hoped to eventually change direction into profit again by the end of the year. Source: Vietnam Automobile Manufacturers’ Association After several months trying to maintain jobs, luxury car brand Rolls-Royce, which also makes jet engines, announced a pre-tax loss of $7.1 billion for the first half of this year and is to cut nearly a fifth of its global workforce. The move is the biggest reduction in three decades for the group, which sits alongside competitors suffering from low demand in 2020. Many other giants such as General Motors (GM), Ford, Toyota, GAC, and Tesla have this year partly switched to producing ventilators and protective masks as the pandemic bit into their main portfolios. However, profits have not been forthcoming. In March, the World Health Organization had called on industry and governments to increase manufacturing of medical products by 40 per cent to meet the rising global demand. At that time, the price of such items surged. Surgical masks saw a six-fold increase, N95 respirators trebled in cost, and gowns doubled. For a… Read full this story
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