Volkswagen Stays Decision On Gigafactory In Eastern Europe Beyond 2022: Report

Volkswagen AG VWAGY said it is deferring its location selection for the eastern Europe gigafactory for electric car batteries beyond 2022.
The auto major took the decision after considering the volatile economic environment. The Czech Republic, Reuters reported, was considered for the plant along with Hungary, Poland, and Slovakia.
Also Read: Porsche To Join Germany's Blue-Chip Index - What's On The Cards?
"Volkswagen AG and its battery company PowerCo are continuously evaluating suitable sites for their next gigafactory in Europe," the report cited the company's e-mailed comments.
"There is no pressure to act as we take some more time for decision making in light of current circumstances," Volkswagen said. "At present, there is no impact on planned start of construction or start of production."
Also Read: Volkswagen Resumes Partially Halted Production In China
Price Action: VWAGY shares closed lower by 0.96% at $18.66 on Thursday.
Photo Via Company