Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / News/  Coronavirus impact: World's largest carmaker to suspend production
BackBack

Coronavirus impact: World's largest carmaker to suspend production

Production will be halted at Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy

Most of the other German and European plants will begin preparing to suspend production (Reuters)Premium
Most of the other German and European plants will begin preparing to suspend production (Reuters)

Frankfurt, Germany: Volkswagen, the world's largest carmaker, said it is preparing to shut down its factories as a way to curb the spread of the coronavirus and warned that 2020 will be a very difficult year.

"Given the present significant deterioration in the sales situation and the heightened uncertainty regarding parts supplies to our plants, production is to be suspended in the near future at factories operated by Group brands," Chief Executive Herbert Diess said on Tuesday.

Production will be halted at Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, he said.

Most of the other German and European plants will begin preparing to suspend production, probably for two to three weeks, VW said.

By contrast, production in China has been resumed with the exception of the VW factories in Changsha and Urumqi.

Chief Financial Officer Frank Witter said, "2020 will be a very difficult year. The corona pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about sustained economic impacts."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 17 Mar 2020, 02:12 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie