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."
Debt ceiling talks are underway in Washington, DC ahead of a default deadline. Michael Rosen, chief investment officer with Angeles Investments, joined Cheddar News to explain how a potential default could affect investment portfolios, among other items, for Americans.
Australia's government announced regulations for buy now, pay later services, which will be labeled as consumer credit products, which puts them under the country's Securities and Investments Commission's watch.
Walmart is reportedly teaming up with pet telehealth provider Pawp, giving subscribers unlimited access to vet services via video and text, starting on Tuesday.
Cheddar News checks in to see what's on The Day Ahead, which will include earnings from Lowe's, Dick's Sporting Goods, BJ's and AutoZone along with new home sales data. In addition, Microsoft's Build 2023 Developer Conference is slated to kick off for software engineers and web developers.
Venmo will soon have accounts for teenagers ages 13-17 but they will have to follow a set of rules, with parents or guardians opening accounts on their behalf under their own accounts.
Rory Harvey, General Motors' incoming North American president, joined Cheddar News to discuss GM's foray into the rapidly-changing electric vehicle market along with what lies ahead. "It's a very dynamic time in the automotive industry," he said. "If you look to the transformation across the EVs, it's happening and it's happening at a pace."
Ford Motor laid out some financial expectations and specific growth objectives for its electric vehicle line at an investors' event on Monday. John Lawler, chief financial officer of Ford Motor Co., joined Cheddar News to explain what lies ahead for the automaker.
