Subaru's only factory outside of Asia is in Lafayette, Indiana, and it employs more than 6,000 workers.
The facility, which manufactures the automakers' Ascent, Outback, Legacy, and Impreza models, has been closed since mid-March. Its workers stopped receiving paychecks on April 13.
"Our factory in Indiana... is expected to be down through May 11th," Tom Doll, president and CEO of Subaru of America, told Cheddar Thursday. "The employees were actually furloughed, which means they're benefits are still being provided to them."
Doll doesn't believe the V-shaped economic recovery some economists have outlined will apply to the auto industry.
"I think it's gonna be a longer pushback because of the fact that people have been out of work for a while, so many layoffs have occurred," Doll said. "Before they're gonna make some type of large financial commitment for a car or a home, [people] are going to think about their job prospects and their income prospects."
In these times of quarantine, some car dealers have been successful in moving inventory off the lot, Doll said. Retailers are adapting to the situation by doing the financing upfront and delivering vehicles to customers' homes, making sure they understand how to operate them.
"I think retailers are very good at determining how best to operate in market situations like this," Dole said. "More and more retailers are doing things more online."
As production grinds to a halt, rumors have been swirling in Japan about Subaru's first all-electric vehicle. Reports say that the new SUV, made in partnership with Toyota, would be called the "Subaru Evoltis."
And it's more than just rumors. Subaru trademarked the name "Evoltis" in the U.S. two years ago. Doll couldn't give many details on the project, but did provide a prospective timeline.
"It's gonna be a great electric vehicle for us. Our first fully-electric vehicle," Doll said. "We're very excited about this new SUV that's coming in a couple years."
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
