Volkswagen Shares Rise After Audit Finds No Evidence of Forced Labor in China
06 Dezembro 2023 - 9:06AM
Dow Jones News
By David Sachs
Volkswagen shares rose Wednesday after a review of practices at
a jointly owned site in China found no evidence of human-rights
violations.
At 1121 GMT, shares in the German car company were up 3.2% at
EUR112.02.
The audit was commissioned by Volkswagen and performed by a
Shenzhen law firm with Loehning, a German human-rights consultancy.
It included document checks, staff interviews and inspections at a
plant co-owned by Volkswagen and SAIC Motor in Xinjiang, Volkswagen
said. The audit found no violations of forced-labor or child-labor
regulations according to United Nations standards.
The findings could open the door for investors who were
previously unable to invest in Volkswagen, Citi analysts said in a
note.
"We think this could reverse a significant proportion of the VW
underperformance since July 2022," the analysts said.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
December 06, 2023 06:51 ET (11:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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