Sweden's Volvo car manufacturer on Friday announced stopping production at its Belgian, US, and Swedish plants due to the coronavirus disease (COVID-19) starting March 26
STOCKHOLM (Pakistan Point News / Sputnik - 20th March, 2020) Sweden's Volvo car manufacturer on Friday announced stopping production at its Belgian, US, and Swedish plants due to the coronavirus disease (COVID-19) starting March 26.
"The Belgium plant will remain closed until April 5. The Swedish and US plants will be closed between March 26 and April 14," the company said in a statement.
Senior Vice President Claes Eliasson told Sveriges Television that about 20,000 employees will be given vacation with a 7.5 percent decrease in salary and that the salaries for top management will be cut by 20 percent.
"Earlier this month Volvo cars reopened its four manufacturing plants in China after an extended closure period. Today's showroom traffic is indicating a return to normal in China's car market which is clearly demonstrating the advantages of being a globally balanced company," the company added.
As the COVID-19 pandemic keeps spreading, global supply chains are getting paralyzed by the governments' efforts to contain the virus, which include travel bans and quarantines, disrupting usual economic processes.
