Skoda Auto has extended its production shut down for the third time at all three of its Czech plants due to the coronavirus until 27 April. “After an agreement with VW concern and the KOVO trade unions, the shutdown of production at the Czech Škoda Auto plants is extended until 6:00 am on 27 April […]
The coronavirus has shutdown 90 percent of the automotive industry in the Czech Republic. Over 150,000 jobs are at risk, the Automotive Industry Association said today. The Auto Industry Association is calling on the government to fast track measures to keep the industry afloat. The Association proposes the government extend the Antivirus program until the […]
SKD Bojkovice has laid off all of its 350 employees. The company makes injection molds and plastic parts for the automotive industry. The company has been in insolvency since October 2019. The court allowed it to reorganize, but the company has not yet found an investor. Last month, the Regional Court decided to convert the […]
Update 20 April: CITIC Acquires Majority Stake In Medea Group Rainbow Wisdom Investment a subsidiary of China’s state owned CITIC Group exercised an option to become the majority owner of Jaromír Soukup’s Medea Group, neovlivní.cz reports. Both sides will determine how to settle the transaction next week. The option gives the Chinese company an opportunity to […]
European and American car manufacturers could lose up to $100 billion in revenues if factories on both sides of the Atlantic remain closed through the end of April. In Europe, losses could rise to EUR 66 billion if 2.6 million cars are not sold. In the United States, it could be $52 billion if they […]
The Smartwings Group, which includes both Smartwings and CSA, currently has grounded 90 percent of its fleet. The company is currently negotiating with employees to reduce their salaries but does not intend to make significant redundancies. The airline is currently operating a limited number of flights for the transport of medical supplies and repatriation of […]
Sales of new passenger cars in the Czech Republic fell by 36.3 percent in March to 13,685. While sales for the quarter declined by 15.8 percent to 50,194, the Car Importers Association said Friday. The market was strongly influenced by the closure of dealerships in mid-March to combat the spread of coronavirus. Sales have moved online where […]
CZG – Česká zbrojovka Group, announced its audited consolidated financial results for 2019. The company generated revenues of CZK 5.96 billion, up 11.6 percent year-on-year. The Group posted a net profit of CZK 734 million, up 29.1% year on year. In 2019, CZG generated revenues of CZK 5.96bn. Compared to the year 2018, when CZG generated […]
Škoda Auto has extended its production shut down for the second time in all three of its Czech plants due to coronavirus, until 20 April. Initially, production was scheduled to resume on 6 April. The company notified employees via an SMS message. The company announced the first extension of the outage on 27 March, and […]