I expect that the PinePhone will hit mass production before the Librem 5, but the time difference might not be as much as you think. PINE64’s last update projected that mass production of the PinePhone would start in March and shipping would start in late April, but that was before the Coronavirus was a known factor. PINE64 said that it would ship out the stock sitting in its Hong Kong office, but the border between Shenzhen and Hong Kong is still closed (except for limited ferry service), so PINE64 can’t ship anything else.
Most Chinese factories still haven’t re-opened and the ones that have are only producing very limited quantities. Foxconn is switching some of its factories to produce surgical masks rather than electronics. Some pundits are now predicting that most of the electronics factories will wait until May to reopen, because the Chinese government expects that the hotter weather will suppress the virus, but that isn’t known for sure. Given the uncertainty and the long backlogs that are currently building up, it wouldn’t surprise me if the mass shipping of the PinePhone gets delayed till July or August.