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Volkswagen Extends Mexico Coronavirus Production Halt

April 2, 2020 / WIL BALDWIN

An employee leaves the Volkswagen (VW) plant as the company will temporarily close its factories in Mexico amid growing worries over the spread of the coronavirus disease (COVID-19), in Puebla

MEXICO CITY (Reuters) – German automaker Volkswagen said on Wednesday it would extend until April 30 a suspension of activities at two production plants in central Mexico after the government declared a health emergency because of coronavirus.

Volkswagen <VOW.DE> is among manufacturers worldwide who are responding to a fall in demand, as well as supply chain challenges following measures taken to rein in the pandemic.

In a statement the company said the halt was extended from April 12 to comply with government orders for a suspension of all non-essential activities.

Volkswagen said it would continue to pay employees during the suspension. Mexico reported 37 deaths, up from 29 a day earlier, and 1,378 infections, up from 1,215, because of the virus.

(Reporting by Sharay Angulo; Writing by Stefanie Eschenbacher; Editing by Clarence Fernandez)

Ferrari Extends Italian Plant Closures to April 14

March 27, 2020 / WIL BALDWIN

MILAN (Reuters) – Luxury carmaker Ferrari <RACE> said on Friday it would extend the shutdown of its two Italian plants and reopen on April 14, provided it had supplies, and update 2020 forecasts in May when it releases its first-quarter earnings.

Ferrari this month closed factories in Maranello and Modena, in the northern Italian region of Emilia-Romagna, for two weeks until March 27 in a response to the coronavirus outbreak and a shortage of parts.

Investment firm Exor <EXXRF>, which controls Ferrari, on Wednesday said that current plant closures at Ferrari as well as at other controlled companies Fiat Chrysler <FCAU> and CNH Industrial <CNHI>, though temporary, might continue.

Ferrari – which cited “the huge uncertainty and lack of predictability that the COVID-19 has created” – said it would continue to cover all days of absence for those employees who could not work remotely.

The company added it would give further financial guidance during a conference call on its first-quarter earnings, scheduled for May 4.

In February, Ferrari said it planned its adjusted core profit to increase to between 1.38-1.43 billion euros this year, compared to a previous guidance of over 1.3 billion euros.

Ferrari said on Friday it remained confident that it would “continue to create value for all stakeholders beyond the near-term uncertainties”.

(Reporting by Giulio Piovaccari; Editing by Nick Macfie)

Tesla to Slash Headcount at Nevada Gigafactory by 75%

March 27, 2020 / WIL BALDWIN

BEIJING/TOKYO (Reuters) – U.S. electric carmaker Tesla Inc <TSLA> plans to slash on-site staff at its Nevada battery plant by around 75% due to the coronavirus pandemic, the local county manager said on Thursday.

The move comes after its Japanese battery partner Panasonic Corp <6752.T> said it would scale down operations at the Nevada factory this week before closing it for 14 days.

The factory produces electric motors and battery packs for Tesla’s popular Model 3 sedans.

“Tesla has informed us that the Gigafactory in Storey County is reducing on-site staff by roughly 75% in the coming days,” Austin Osborne said in a post on the county’s website.

No further details were available and it was not clear how many employees work in the factory. Tesla did not immediately respond to a Reuters request for comment.

The Reno Gazette Journal, which earlier reported the planned suspension, said Panasonic has about 3,500 employees at the Nevada plant.

Tesla said last week it would temporarily suspend production at its vehicle factory in San Francisco Bay Area from end of March 23, as well as at its New York solar roof tile factory.

However, Tesla CEO Elon Musk said the company will reopen the New York plant “as soon as humanly possible” to manufacture ventilators for coronavirus patients.

Two employees of Tesla have tested positive for coronavirus but have been working from home for the past two weeks and had not been symptomatic at work, Tesla said in an email to employees on Thursday. It did not disclose which unit or at what location the employees work.

(Reporting by Yilei Sun and Makiko Yamazaki; Editing by Miyoung Kim and Himani Sarkar)

South Korea Pension Fund Backs Korean Air Chairman

March 26, 2020 / WIL BALDWIN

SEOUL, March 26 (Reuters) – South Korea’s National Pension Service (NPS) will vote for Hanjin Group chairman Walter Cho to keep his board seat in Korean Air’s parent firm Hanjin Kal at a shareholders’ meeting on Friday, the fund said.

In a statement on Thursday, NPS said it would also approve a board seat for telecoms industry veteran Kim Shin-bae, who was nominated by Cho’s sister and an activist fund that opposed Walter Cho.

Hanjin Kal’s annual general meeting is expected to be the culmination of an intense proxy fight to decide the group’s leader.

NPS, the world’s third-largest pension fund, had a stake of 2.9% stake in Hanjin Kal by the end of 2019.

(Reporting by Joyce Lee; Editing by Clarence Fernandez)

Volkswagen Extends Mexico Coronavirus Production Halt

Ferrari Extends Italian Plant Closures to April 14

Tesla to Slash Headcount at Nevada Gigafactory by 75%

South Korea Pension Fund Backs Korean Air Chairman

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