Car maker Fiat Chrysler is on the brink of shutting a major European plant as the supply of crucial components from China dries up due to the coronavirus outbreak.
Mike Manley, chief executive of the company (FCA), said that one factory in Europe is just two to four weeks from running out of parts.
Four key Chinese suppliers to FCA have been hit by the virus, and he said the situation for one of them is “critical”.
FCA – which is merging with Peugeot-owner PSA Group – is investigating alternative suppliers and it remains unclear when shutdowns will end.
Vovlo is also braced for the impact of the coronavirus. The Swedish-based manufacturer is owned by Chinese company Geely and has three plants in China which have all closed due to the outbreak.
Daily Telegraph 6 Feb
China moves to slash US tariffs as coronavirus risks deepen
China is to halve additional tariffs on 1,717 US goods following the signing of a phase 1 trade deal that halted the trade war between the world’s two largest economies.
While the announcement reciprocates the US commitment under the deal, it is also seen by analysts as a move to boost confidence amid the coronavirus virus outbreak that has disrupted businesses and dented investor sentiment.
However, as highlighted in reports, Beijing could invoke a disaster-related clause in the trade deal, which might allow it to avoid repercussions even if it cannot fully meet the targeted purchases of US goods and services for 2020.
https://thetop10news.com/2020/
The Top10 News 6 Feb
