Automakers in Sharp Reverse After Agreeing to Shutdown U.S. Factories

Investing.com – Automakers were in sharp reverse Wednesday, paced by a slump in General Motors, Ford and Fiat Chrysler after they agreed to shut down operations at all their U.S. factories amid pressure from The United Auto Workers union.

General Motors (NYSE:) fell 18%, while Fiat Chrysler (NYSE:) and Ford Motor (NYSE:) plunged 15%.

General Motors and Ford said all manufacturing sites in the U.S., Mexico and Canada would be shut until March 30.

The United Auto Workers union had been calling on the trio of automakers to shut down operations for weeks in order to contain the spread of the virus among its factory workers. 

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