Daimler Suspends Most Production in Europe as Coronavirus Crisis Worsens

Daimler AG (OTC: DMLRY), the parent company of the Mercedes-Benz luxury brand, is shutting down "majority" of its production in Europe as the government scrambles to tackle the COVID-19 pandemic.

With that, Daimler becomes the latest automaker to suspend operations in Europe. While Ford Motor Company (NYSE: F) is shutting down its main manufacturing facilities in continental Europe, Volkswagen (OTC:VWAGY) plans to halt production at all of its factories in Europe in the coming weeks, including Lamborghini and Ducati factories.

In fact, from Fiat Chrysler Automobiles to Renault to Peugeot SA, you name it and it's there: The entire auto industry in Europe is shutting down even as the U.S. Centers for Disease Control and Prevention (CDC) issued a Level-3 warning, recommending avoidance of all non-essential travel to most countries in Europe.

Source Fool.com