Volkswagen to Shut Down European Production as Coronavirus Worries Mount

Volkswagen AG (OTC: VWAGY) will shut down its factories across Europe due to the spread of the novel coronavirus. 

In a press conference on Tuesday, CEO Herbert Diess said that deteriorating sales, uncertainties around parts supplies, and concerns about limiting the spread of the virus led to the decision to suspend production at VW Group factories throughout Europe.

Production has or will be halted at VW plants in Spain, Portugal, and Slovakia, as well as at the Lamborghini and Ducati factories in Italy, by the end of this week, Diess said. 

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Source Fool.com