March 18, 2020 / 12:37 PM / 17 days ago

BRIEF-Volkswagen’s Porsche Suspends Production, Sees Very Challenging Year

March 18 (Reuters) - Porsche AG:

* AS FROM THE COMING WEEK, PORSCHE WILL SUSPEND PRODUCTION FOR AN INITIAL PERIOD OF TWO WEEKS

* IN ADDITION TO PRIMARY PROTECTION OF WORKFORCE, BOTTLENECKS IN GLOBAL SUPPLY CHAINS NO LONGER ALLOW ORDERLY PRODUCTION

* CO IS PREPARING FOR DECLINE IN DEMAND AND SECURING FINANCIAL STRENGTH WITH DECISIONS MADE

* PARENT PLANT IN ZUFFENHAUSEN AND THE PRODUCTION LOCATION IN LEIPZIG WILL BE CLOSED FROM SATURDAY

* CEO SAYS TOO EARLY FOR FORECASTS, BUT WHAT IS CLEAR IS THAT 2020 WILL BE VERY CHALLENGING YEAR Source text: bit.ly/2Wn7xOj Further company coverage: (Berlin Speed Desk)

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