Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Some Volkswagen cars delayed in U.S. ports over Chinese part

Published 14/02/2024, 20:54
Updated 14/02/2024, 20:55
© Reuters. FILE PHOTO: Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermid/File Photo

BERLIN (Reuters) - Volkswagen (ETR:VOWG_p) said on Wednesday it expected to resolve by the end of March delays in the delivery of thousands of vehicles held up at U.S. ports due to a customs problem.

The Financial Times reported on Wednesday that about 1,000 Porsche (ETR:P911_p) sports cars and SUVs, several hundred Bentleys and several thousand Audi vehicles were impounded by customs officials at U.S. ports because a Chinese subcomponent breached anti-forced labour laws.

In an emailed statement, Volkswagen said the issue was related to a small electronic component that is being replaced as parts arrive.

The FT said the problem was discovered in mid-January but it was unclear how long the vehicles were delayed. VW spokesperson Dirk Ameer said for individual customers the delay could last until the end of March.

VW said it takes allegations of human rights violations very seriously, and its investigations could result in the end of a supplier relationship if a serious violation is confirmed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.