Auto companies old and new have held up remarkably well amid the pandemic. Stark early warnings about an unprecedented shock to an industry that would maybe need another cash for clunkers-style shot in the arm look awfully alarmist a couple years later.
After positioning themselves as purveyors of the ultimate social distancing devices, several manufacturers are more profitable than ever. It hasn’t been entirely smooth — the chip shortage has kept companies from producing millions of cars consumers are buying right off delivery trucks. The conventional wisdom nonetheless has been that all sorts of pent-up demand awaits once various global supply chain crises ease.
A spate of job cuts and commentary the last few weeks suggest the sector is no longer so sure.
