Mar 31, 2022

Shanghai lockdown: Volkswagen scales back operations in the city

Late on Wednesday, VW said it would partially close its factory in Shanghai due to "Lack [of] parts from suppliers". More than a dozen companies have delayed plans to sell shares on Shanghai's technology-focused STAR Market. Lockdowns in Shanghai and other Chinese cities may ultimately have "Little impact" on production, said UBS' chief China economist Tao Wang.She said in a research note that most factories were continuing to operate by keeping workers at the factories or shifting production to unaffected areas. The lockdown of Shanghai is China's largest since the coronavirus outbreak began. Authorities have locked down the eastern side of Shanghai, which includes the city's financial centre, for Covid testing.

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