Daimler, the parent company of Mercedes-Benz and other automotive brands, is shutting down production in Europe as the coronavirus outbreak rages

• The Daimler Group has joined Ford and FCA in shutting down vehicle production in Europe.
• The Daimler Group, headquartered in Stuttgart, Germany, holds numerous brands, such as Mercedes-Benz, Mercedes-AMG, Smart, an Freightliner heavy trucks.
• Daimler said that the shutdown would last for two weeks, initially.
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On Tuesday, the Daimler Group announced that it was suspending all European production for an "initial period of two weeks," to curtail the outbreak of COVID-19 coronavirus that has killed thousands and sickened many thousands more.

"The suspension applies to Daimler's car, van and commercial vehicle plants in Europe and will start this week," the automaker said in a statement to Business Insider.

"Connected to this is an assessment of global supply chains, which currently cannot be maintained to their full extent. An extension of this measure will depend on further developments. Wherever operations need to be continued, the company will take appropriate precautions to prevent the infection of its employees."

Daimler said it was following the recommendations of authorities, adding that "with these closures, Daimler is helping to protect its workforce, to interrupt chains of infection and to contain the spread of the pandemic."

"At the same time, this will help the company to prepare for a period of temporarily lower demand and to protect its financial strength," it said.

The move follows Fiat Chrysler Automobiles and Ford idling European production. Ferrari, Lamborghini, Maserati, and Ducati have all shut down their factories.