The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Volkswagen AG has postponed the resumption of production at its China joint ventures, in the latest sign of the coronavirus’s impact on economic activity.
The carmaker cited limited travel options for its employees and said in a statement that its own supply chains were in the early stages of re-starting after production stopped for national holidays at the end of January. That break was extended as the virus spread.
SAIC Volkswagen Automotive Co postponed production at its factories by seven days until February 17, except for one plant in Shanghai, which will restart on schedule on February 10. Most vehicle production at FAW-Volkswagen Automotive Co will also restart on February 10, one day later than announced end of January. Its plant in Tianjin will not repoen until February 17.
Other carmakers, including Toyota and Honda have already announced extensions of their production shutdowns in China. Tesla Inc will resume production at its factory in Shanghai on February 10.
Separately Saturday, Hon Hai Precision Industry Co, one of the main suppliers to iPhone maker Apple Inc, was also reported to have called off plans to resume production on February 10.