Hyundai first to restart Czech production, others still shut [Reuters]
Toyota Motor Corporation (TM)
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Source: Reuters
Hyundai first to restart Czech production, others still shut PRAGUE (Reuters) - Hyundai Motor Co’s ( 005380.KS ) Czech car plant was the first in the central European country to get back to work on Tuesday after a three-week outage, potentially easing some of the strain on the hard-hit economy. The car sector accounts for a tenth of economic output and a quarter of exports in the Czech Republic, and employs 150,000 directly and even more indirectly. All three of the country’s major carmakers have been offline since around the middle of March as part of efforts to curb the coronavirus and authorities have forecast at least a 5% economic contraction this year. Yet while Hyundai’s plant in the east of the country returned to work, there was gloomier picture elsewhere. TPCA, a joint venture of Toyota Motor Co ( 7203.T ) and Peugeot ( PEUP.PA ), said it would extend its outage to May 4, scrapping plans to relaunch later this week. The country’s top exporter, Volkswagen’s ( VOWG_p.DE
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