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27.03.2020 17:22:00

Volkswagen Is Burning Over $2B a Week, CEO Confirms; Shares Fall

Shares of German auto giant Volkswagen AG (OTC: VWAGY) were down on Friday after its CEO told a German television channel that the company is burning billions while its factories are idled and may soon have to cut jobs.VW's Frankfurt-listed shares were down more than 7% in late trading on Friday. As of 12:00 p.m. EDT, VW's American depositary shares were down about 6.9% from Thursday's closing price.In a talk-show interview on German television channel ZDF, CEO Herbert Diess said that even with most of its factories idled, Volkswagen is still spending about 2 billion euros ($2.2 billion) per week. The company might soon have to cut jobs if the coronavirus pandemic is not brought under control, he said.Continue reading
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