European automakers have shut down their factories due to the COVID-19 outbreak. The virus has already caused a lot of damage to the European automotive industry, and the situation is only becoming more tenuous by the day. The major industry players, like Volkswagen AG VWAGY, Peugeot S.A. PUGOY, Renault SA RNLSY have all closed plants in order to protect the health of their workers.
Volkswagen, the world’s biggest automaker, recently announced it is burning approximately $2.2 billion per week, approximately 40% of its last year’s average weekly revenues. Those losses should increase the longer this crisis lasts.
Photo by Jaromír Kavan on Unsplash
Font: Benzinga
