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Second COVID wave won't cause plant closures in auto industry - Brembo

·1 min read

MILAN, Nov 9 (Reuters) - The executive deputy chairman of Italian premium brake maker Brembo said he did not think automotive manufacturers would be forced to temporarily shut plants during a second wave of COVID-19.

Matteo Tiraboschi said companies were much more prepared now than they were earlier this year, when a first wave of the coronavirus pandemic spread globally.

"We were caught by surprise and this led to plants closures in Europe," he told Reuters after Brembo presented its results for the third quarter.

"But now we know what to do. Safety measures for workers are in place so I don't think plants will have to be stopped."

In March and April several manufacturers, including Brembo, temporarily halted operations, citing health concerns as well as disruptions in parts supplies and a virtual vanishing of market demand.

Tiraboschi added he thought plants would neither close due to a fall in demand during a second wave of the COVID pandemic, saying markets in the United States, Latin America and China were doing fine.

"In addition, inventories have significantly fallen for many companies, especially in the U.S. and they need to rebuild them," he said.

Earlier on Monday Brembo, which makes brakes for automakers including Ferrari and Tesla as well as several Formula One teams, said its earnings before interest, tax, depreciation and amortization (EBITDA) stood at 123.8 million euros ($146.3 million) in the third quarter, broadly unchanged from the year-ago period.

EBITDA margin rose to 20.3% versus 19.1% a year ago.

($1 = 0.8460 euros) (Reporting by Giulio Piovaccari; Editing by Richard Chang)