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Volkswagen to shut down factories in Europe over COVID-19 fears

Volkswagen to shut down factories in Europe over COVID-19 fears

Mubasher: Volkswagen Group will suspend operations at its factories in Italy, Portugal, Slovakia, and Spain before the end of this week due to the coronavirus (COVID-19) pandemic, according to Reuters.

The German carmaker, the largest in the world, is also planning to temporarily close the rest of its factories run by other brands across Europe for two to three weeks, Chief Executive Herbert Diess told reporters on Tuesday.

“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," Diess stated, adding that 

Diess added that 2020 is 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.