The Ides of March is one of the most famous lines from William Shakespeare’s masterpiece Julius Caesar.
It is a warning from an astrologer to the Roman emperor (Caesar, Beware the Ides of March!) that he had better be careful on that day. And even while Caesar dismisses this as a mere rant, he ends up being assassinated on precisely the same date, March 15, way back in 44 BC.
Cut to the present and the automotive industry finds itself in the same Ides of March situation. The month has been traumatic with every passing day bringing in grimmer news to the world. Quite unlike the horde of conspirators who killed Julius Caesar over 2,000 years ago, this is a sole assassin going by the name of Covid-19 that has single-handedly brought the world down to its knees.
Big brands like Volkswagen, Fiat Chrysler, BMW, Daimler, Groupe PSA, Renault and Toyota have cut back operations in Europe, which is now facing the brunt of this novel coronavirus pandemic. Italy and Spain have been the worst affected while France is preparing for a tough haul.
As humanity finds itself at its most vulnerable in recent times with the death toll from Covid-19 rising across the world, economies have virtually collapsed. Never before has anything like this been experienced when all the advancements in science cannot cope with this invisible terror that has people locked indoors in complete paranoia.
While industries like aviation and hotels have been the worst hit with planes and rooms going empty, the auto industry is facing the heat. In Europe and the US, where Covid-19 is wreaking havoc; the last place people want to go to is a crowded car dealership.
China, where the story began some months ago, has apparently managed to keep things in check, at least for now. February car sales were down by over 80 per cent and March is going to be no different, with people just beginning to head back to work.
The Chinese slowdown
Bu hikaye The Hindu Business Line dergisinin March 20, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Hindu Business Line dergisinin March 20, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Covid Presents An Opportunity For India
India must attract investors exiting China post-Covid. Streamlining of project clearances and relaxation in FRBM norms will help
Did Alternative Assets Shield You From Covid-19 Volatility?
The assets closely linked to stock and debt markets could not stave off the losses
How To Put Aircraft To Bed
Preserving grounded planes, to get them up and flying at short notice, is a challenging task. Ashwini Phadnis captures the process
There Can Be No Going Back On WFH
Covid-19 has fast-forwarded the shift to ‘work from home’. However, some face-to-face connect will always be needed
UN, WHO Urged To Ensure ‘Benefit Sharing' Of Covid-Related Data
Biopharma firms should reach vaccines, medicines to poor nations at an affordable price, say civil society bodies
With No Clear Signal From Rlys, States Explore Ways To Bring Back Migrants
Quarantine centres, cross-country buses being arranged even as migrants hop on to boats, trucks and ambulances
Centre Allows All Neighbourhood Shops To Open But With Riders
Final call will be taken by local authorities; shopping complexes that draw fewer ‘outsiders’ are permitted to operate
Covid Impact Relatively Muted In India
Compared to Italy and the US, India’s rate of infection spread has been slow. This can be attributed to the strict measures in place
How Global Trade Will Fare Post-Covid
China isn’t likely to lose its pre-eminent position soon. India, for one, will need to make manufacturing globally competitive
How To Curb Harassment In The Virtual Office
Training and sensitisation are essential. Institute a strict dress code and chat etiquette to ensure professionalism during video calls
