Automobile manufacturer Stellantis (STLA.US) CEO Carlos Tavares stated that the company has taken measures and is working hard to avoid the risk of factory closures faced by its competitor Volkswagen.

Earlier, Volkswagen announced for the first time in its history that it is considering closing factories in Germany, leading the market to estimate that more European automobile manufacturers will take similar measures in response to low factory utilization rates in the region, increasing price pressure from Asian competitors, and a more challenging economic environment.