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A lot of information suggests that's how bad things are. The state-owned auto giants, which have plenty of cash flow, all announced in February that they would reduce performance pay. The start-up companies are still in the loss stage, relying on financing to maintain operations. Wei Lai spread the rumor of delaying the payment of wages, while Weima cancelled the year-end bonus.
In fact, Wei Lai is lucky. In January and February this year, it completed three convertible bond financing totalling $435 million. Qin Lihong, President of the company, was a little grateful: "fortunately, the management moved quickly. If it was delayed to the middle of March, it would be difficult to finance so much money." In addition to short and medium-term financing, Weilai has also signed a cooperation framework agreement with the Hefei municipal government, which is expected to obtain 10 billion yuan of investment.
Rapid response may be the most important way for auto companies in the epidemic. This is especially true for the once stalled auto supply chain. The challenge of a sudden disaster is that it's hard for you to accurately determine its impact range in the first place.
The East Japan earthquake on March 11, 2011 and the tsunami that followed were the last time that auto companies felt the vulnerability of global supply chain in the face of unexpected disasters. At first, the automobile company checked the first-class suppliers in the earthquake area and found that the impact was limited. But soon, they found that many tier 2, Tier 3 and even Tier 4 suppliers were also affected, and the scope of influence was far greater than that of Japan. Finally, a large number of factories in Japan, Europe and the United States were temporarily closed, and the impact lasted until May.