Markets have struggled in recent days as the World Health Organization declared a global health emergency over the virus, with analysts concerned about its impact on world economic growth.
Image for Representation. (Image: Reuters)
South Korea’s largest automaker Hyundai Motor halted operations at one of its assembly lines on Tuesday because of a lack of parts due to the coronavirus outbreak in China and is reviewing a wider suspension, a company spokeswoman said. The global car industry operates on tight supply lines and was thrown into turmoil when Japan’s Fukushima earthquake and tsunami in 2011 knocked out a Renesas Electronics factory producing a vital and widely used computer chip. The virus outbreak in China had disrupted wiring component procurement, a Hyundai spokeswoman said.
“For now, the production line for the Genesis sedans at the Number 5 plant in Ulsan has been temporarily suspended,” she said. She could not estimate when production might resume and added the company was discussing possible suspensions of operations at more plants with its labour union.