Westport Fuel Systems Inc. (NASDAQ:WPRT) recently announced the temporary suspension of production in its Brescia, Italy plant on rising coronavirus fears. The company plans to reassess the suspension of production at the plant in two weeks’ time.
However, operations in the company’s Cherasco and Albinea plants will continue to run under the highest and strictest health and safety standards. Moreover, all non-manufacturing activities will continue on a regular basis, given the firm’s resources and the incentives created by smart working.
The latest move is in sync with the Italy government’s decision to impose sweeping restrictions on travel and public gatherings across the country, in an effort to contain the rapidly-spreading pandemic. Italy has reported the largest coronavirus outbreak outside China, with more than 2000 dead and more than 27,000 COVID-19 infections.
Westport currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
The emergence of coronavirus as a pandemic has raised concerns among other global auto biggies as well, including Groupe PSA, Ford (NYSE:F) , General Motors (NYSE:GM) , Honda Motor (NYSE:HMC) , Nissan and Renault (PA:RENA). As part of the nation-wide shutdown, several automakers have closed their factories and suspended production. Apart from Westport, Fiat has suspended production across majority of its European manufacturing plants. The pandemic has not only dented consumer sentiment and marred vehicle demand but also distorted supply-chain balance across the globe.
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