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Share Name | Share Symbol | Market | Type |
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General Motors Company | NYSE:GM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.19 | 0.43% | 44.86 | 45.545 | 44.505 | 45.03 | 10,046,012 | 01:00:00 |
Volkswagen AG on Friday said it would temporarily halt production of its Golf and Sportsvan models at its main factory due to a dispute with parts suppliers.
Volkswagen will stop production of the two vehicles at its Wolfsburg, Germany, plant for a week beginning Monday due to a shortfall in parts. On Thursday, Volkswagen separately said it would reduce working hours at its Emden plant because it lacked seating components from a supplier, and was considering cutting work hours at four other plants in Germany due to a lack of gearbox parts that had not been delivered.
Separately, General Motors Co.'s Adam Opel GmbH said it would reduce working hours for some employees at factories in Rü sselsheim and Eisenach this year due to weakening demand for its Corsa and Insignia models.
The GM spokesman didn't say how long the reduced work hours would last, saying it would depend on U.K. demand for the vehicles. The company cited weaker demand in the aftermath of the U.K. vote to leave the European Union.
A Volkswagen spokesman couldn't immediately say how many fewer vehicles would be produced due to the halt in Wolfsburg or how many workers would be affected. He also couldn't say whether workers would stay home or simply work fewer hours in the six-day period.
Around 73,000 workers are employed at the Wolfsburg plant, which produced around 815,000 vehicles last year, according to the company.
A court near Volkswagen's Wolfsburg headquarters has said two units of parts supplier Prevent are currently involved in the conflict with the auto maker. The court named Car Trim GmbH, which makes seating parts, and ES Automobilguss GmbH, which makes gearbox parts, among other components. Volkswagen has declined to name the supplier.
Car Trim and ES Automobilguss confirmed on Thursday that they were in a legal dispute with Volkswagen over what they said was an unprovoked cancellation of an order. The companies said in a joint statement, they weren't responsible for the crisis at Volkswagen and the resulting short-time work. Prevent has declined to comment.
On Thursday, a person familiar with the situation said as many as 20,000 employees could be affected when shorter hours to go into effect at the plants.
Natascha Divac contributed to this article.
Write to Hendrik Varnholt at hendrik.varnholt@wsj.com
(END) Dow Jones Newswires
August 19, 2016 13:05 ET (17:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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