Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Skoda Auto, which is part of the Volkswagen group, plans to stop production at its facilities across the Czech Republic for one week at the end of September because of chip shortages, according to the head of Skoda’s union.

Jaroslav Povsik, the head of the company’s union, said in a union newsletter that cancelled shifts would be added to planned holidays on September 27th-28th to mark a state holiday.

“This way we will shut down production the entire week,” Povsik said. “The reason is the continuing shortage of parts, mainly chips.”

Overall production in the Czech Republic’s automotive sector, which accounts for a considerable part of the country’s Gross Domestic Product, has been affected notably. Skoda is one of three auto makers in the Czech Republic, where it has thousands of unfinished vehicles since it waits for semiconductor microchips.

In the past several months, Japan’s Toyota Motor Corp has also been forced to halt production at its facility in the Czech Republic for certain stretches of time.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.1228-1.1297. The pair closed at 1.1245, losing 0.10% on a daily basis.At 8:21 GMT today USD/CAD was up 0.02% for the day to trade at 1.1246. The pair touched a daily high at […]
  • Microsoft Tokenized Stock Hits Pivot as Shorts Crowd InMicrosoft Tokenized Stock Hits Pivot as Shorts Crowd In Key Moments MSFT is trading around a key pivot at $508.43, after intraday rejection near $516 and a 24-hour gain of +1.73%. Both retail and large accounts are net short (60.7% and 61.6% respectively), while open interest has […]
  • Boeing wins a $6.5 billion order by Air CanadaBoeing wins a $6.5 billion order by Air Canada Airbus SAS and Boeing Co. have been leading a fierce battle over the supremacy in the biggest segment of the aircraft market for years. Finally, Airbus SAS was replaced as Air Canadas primary supplier of body-jets by Boeing Co., which won a […]
  • EUR/USD Experiences Biggest Climb Since 2009, Soaring by 4.5% This WeekEUR/USD Experiences Biggest Climb Since 2009, Soaring by 4.5% This Week Key momentsThe euro has surged against the dollar this week, climbing over 4.5% in its most significant rise since 2009. The EUR/USD pair traded at 1.0866, marking a 0.76% increase as of 16:22 GMT+2. Financial institutions are revising […]
  • PBOC Nudges Yuan Fix Higher, Sets New Daily MidpointPBOC Nudges Yuan Fix Higher, Sets New Daily Midpoint Key Moments The People's Bank of China set the USD/CNY central parity rate at 6.7195 for Thursday's session. The new fixing compared with the prior day's level of 6.7192. The official fixing diverged from a 6.6756 estimate […]
  • Gold Holds Tight Range as Mideast Tensions Offset DollarGold Holds Tight Range as Mideast Tensions Offset Dollar Key Moments XAU/USD was last seen around $5,170, recovering from an intraday low near $5,125 while remaining broadly flat on Thursday. The US-Iran war has supported safe-haven demand for Gold, but Oil-driven inflation concerns […]