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Why Shares of Volkswagen Are Dropping Hard Today

TheMotleyFool

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Why Shares of Volkswagen Are Dropping Hard TodayPhoto, wide shot, wide-angle lens, soft focus, Auto parts supplier, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-XjwbnkgTrFCFx6Y3gLbqZBCj.png?st=2023-05-13T09%3A21%3A52Z&se=2023-05-13T11%3A21%3A52Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-13T06%3A55%3A39Z&ske=2023-05-14T06%3A55%3A39Z&sks=b&skv=2021-08-06&sig=wJlbn/o%2BieTjclaQNRsJc%2BDDZieC0UCS6BPi5tapxAA%3D

Shares of German auto giant Volkswagen AG (OTC: VWAGY) were down sharply on Wednesday, a day after the company said it's shutting down its factories in Europe and warned that it can't yet forecast the impact of the coronavirus pandemic.

As of 12:00 p.m. EDT, Volkswagen's American depositary receipts were trading down about 10.7% from Tuesday's closing price.

CEO Herbert Diess told reporters on Tuesday that slipping sales, uncertainties with suppliers, and concerns about limiting the spread of the COVID-19 virus led to his decision to halt production at VW Group factories throughout Europe.

Source Fool.com

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