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13.04.2020

Kia Motors plans to halt production at three South Korean plants

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Earlier, the company suspended operations at most of its factories outside South Korea and China

Stocks impacted: Kia Motors Corp. (000270)

Citing the coronavirus outbreak that is weighing on exports, Kia Motors Corp said it plans to suspend operations at three of its domestic factories in South Korea. According to the plan, operations would be suspended from April 23-29. Kia runs nine domestic manufacturing facilities, including one as a joint venture. However, the company’s labor union has not yet decided whether to accept the initiative. South Korea reported 25 new coronavirus cases and three more deaths on Monday. That brings its total to 10,537 confirmed cases, and 217 fatalities. Earlier, South Korea's second-biggest carmaker has suspended operations at most of its factories outside South Korea and China as the coronavirus spreads fast beyond Asia. The auto maker’s stocks finished nearly 5% lower on Monday.

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