Volkswagen said it would close most of its European plants for two weeks due to uncertainty about demand for cars and supplies of parts amid the virus outbreak. Chief Executive Herbert Diess made the announcement at the start of the company's annual news conference. The dpa news agency, citing employee representatives, said that the last shifts would run this Friday in most locations. Diess said 2020 would be "a very difficult year'' as the virus outbreak "presents us with unknown challenges.'' Volkswagen last year made net profit of 14.02 billion euros, up by 15 percent from 12.2 billion euros in 2018.

Source: The Standard March 17, 2020 10:48 UTC