Fiat Chrysler (FCAU) is ready to begin re-opening its North American production plants after reportedly losing about $1.8 billion in the first quarter as its facilities were shut down because of the coronavirus pandemic.

Fiat Chrysler closed its U.S. vehicle plants in March and is now looking to restart production the week of May 18. The automaker, along with Ford and GM have been in talks with the United Auto Workers (UAW) union about resuming operations.

UAW President Rory Gamble, previously said that the union was opposed to an early May restart date and was pushing for additional safety measures for workers.

On Tuesday, Gamble issued a new statement that read in part, “As for the start date, the companies contractually make that decision and we all knew this day would come. Our UAW focus and role is and will continue to be, on health and safety protocols to protect our members.”

Fiat Chrysler saw its first-quarter revenues drop 15% to about $22.3 billion, with global vehicle shipments declining 21%. Total Q1 net profit for the company was about $551.7 million.

With plants closed, Fiat Chrysler used up about $5.5. billion in cash during Q1 and drew about $3.8 billion from its emergency credit facility in April. The automaker said it had approximately $20.2 billion in available liquidity at the end of the quarter.

Shares of Fiat Chrysler stock were up 0.06% as of 12:19 p.m. EDT on Tuesday.

In 2014, when Fiat already owned 58.5 percent of Chrysler, it said it would buy up the remainder for $4.35-billion. The company became Fiat Chrysler Automobiles
In 2014, when Fiat already owned 58.5 percent of Chrysler, it said it would buy up the remainder for $4.35-billion. The company became Fiat Chrysler Automobiles AFP / Miguel MEDINA
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