The company said, however, that its China business, a pillar of the company's earnings, was coming back as the number of new cases lessens there and that its ambitious plans to scale up production of electric cars remained on track.
During a conference call with analysts Diess was asked about prospects for the Chinese market this year. He said that "China shows that this crisis can be managed if you are tough on the disciplinary measures and focused on re-launching the economy. I think it's too early to judge how we're going to end up in China, but if it can be contained in this first quarter and then we get back to normal again, then I think China is not yet lost for this year.
The company had previously said it expects a 4% increase in sales this year but Chief Financial Officer Frank Witter said Tuesday that uncertainty about the severity and duration of the virus outbreak made it impossible to give a reliable prediction. Diess said 2020 would be "a very difficult year" as the virus outbreak "presents us with unknown challenges."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Game over for most soccer clubs in Europe, but not National LeaguePremier League, the English Football League and just about every major soccer league in Europe shuts down amid coronavirus outbreak
Source: globeandmail - 🏆 5. / 92 Read more »
Canadians in Europe provide a glimpse of life under lockdownFrom empty streets to balcony greetings, Canadians in Europe provide a glimpse of what life is like under lockdown. So will we, very soon. 6500 dead from this Cov virus - the world shuts down even if the number multiplied 10 x's regular flu deaths are 560 000 Something seems off here? It feels like so strange and a curse. I’ve never thought of staying at home since I born. 💯😭
Source: CTVNews - 🏆 1. / 99 Read more »
P.E.I. announces closure of public schools to slow spread of COVID-19Schools in Prince Edward Island will be closing for two weeks after March Break, the provincial government has announced. Good idea as you don’t have a lot of cases.
Source: CTVNews - 🏆 1. / 99 Read more »
Several banks again lowering prime lending rate, this time to 2.95 per centSeveral Canadian banks and financial institutions have dropped their prime lending rate by 50 basis points for the second time in two weeks, this time to 2.95 per cent. Who saw this coming?😏😏🙂 Thats very nice of them. Credit card companies, of course, are unaffected by any inconvenient outbreak of moral conscience or community spirit Visa Mastercard Hmmm might be worth looking at remortgaging
Source: CTVNews - 🏆 1. / 99 Read more »
My boss wants me to self-quarantine without pay. Is that legal?Ordinarily, if an employer cuts pay for two weeks, there could well be a case of constructive dismissal globebusiness Hard NO globebusiness Anyone who has travelled out of Canada must self-quarantine for 14 days. Period. globebusiness If you are sick yes
Source: globeandmail - 🏆 5. / 92 Read more »
Starbucks to close some cafes, take chairs away in othersStarbucks says it's moving to a to-go model for all its stores in the U.S. and Canada for at least two weeks over concern about the new coronavirus. The FakeNewsMedia having less exposure would make more difference. But where are millennials supposed to work on their screen plays? I love how Apple, literally the epitome of monopoly capitalism shut down their stores and Starbucks is removing some seats. What? coronapocolypse
Source: CTVNews - 🏆 1. / 99 Read more »