Volkswagen stops production of vehicles in Russia and suspends export

VWAGY STOCK UPDATE:

The Volkswagen announced the news that they are stopping the production of their motor vehicles in Russia. Volkswagen group stated that “The Volkswagen Group has received the news about the war in Ukraine with great dismay and shock. Volkswagen continues to hope for a cessation of hostilities and a return to diplomacy. We are convinced that a sustainable solution to the conflict can only be found on the basis of international law.

Vehicle exports to Russia will also be stopped with immediate effect.

With the extensive interruption of business activities in Russia, the Executive Board is reviewing the consequences from the overall situation, during this period of great uncertainty and upheaval.”