The Big Three--Ford (F  ), General Motors (GM  ) and Fiat Chrysler (FCAU  )--are joining Honda (HMC  ) in closing down U.S. production sending about 150,000 workers to start work from home this week.

On Wednesday, Honda took the first step to shut down production at its U.S. companies to combat the pandemic. Honda says it will pay 27,000 workers during the shutdown.

The decision from the Big Three automakers came after negotiations with the union, which had pushed for a temporary shutdown. Company leadership disagreed with halting production and instead asked for 48 hours to construct an alternative plan.

Automakers have taken a severe beating so far this month, with shares of General Motors, Ford and Chrysler plummeting 31.1%, 28% and 36.8%, respectively.

"All three companies have agreed to new measures that will increase adherence to the CDC recommendations on social distancing in the workplace," the United Automobile Workers union president, Rory Gamble, said in a statement, referring to the Centers for Disease Control and Prevention.

Automakers resisted closing factories due to the profits lost from shipping to dealerships. Without the production running in the factories, the profits dry up.

The automobile and auto parts industry make up about 4.5% of the U.S. economy.

Jim Cain, a G.M. spokesman, said the company was trying to keep factory workers safe while being mindful of the potential economic impact of a broad shutdown and the hardship employees could face if they were no longer earning paychecks.

"It's not just workers, but it's suppliers," he said, noting that the auto industry represents "billions of dollars of value" to the U.S. economy. "The longer we can keep working, the better off everybody is," he said.

The Center for Automotive Research estimates that just a one-week shutdown would result in an estimated annual loss of 94,400 total U.S. jobs, $7.3 billion in overall earnings and $2 billion in lower government tax receipts from personal income taxes, contributions for social insurance programs and current transfer payments.