Both suppliers reported billions of dollars in lost revenue during the second quarter, but like other suppliers, mitigated the damage with major across-the-board expense cuts.

CEO Fred Lissalde, in a better-than-expected quarterly report, said BorgWarner will be building integrated drive modules for Ford's all-electric Mustang Mach-E crossover.

The supplier industry's recovery will take several years and supplier bankruptcies will increase over the next 12 months.