Chip undersupply will last until 2024, says Volkswagen CFO Boersen-Zeitung
The supply of semiconductor chips is unlikely to be enough to fully meet demand until 2024, Volkswagen chief financial officer Arno Antlitz said in an interview.
The supply of semiconductor chips is unlikely to be enough to fully meet demand again until 2024, Volkswagen chief financial officer (CFO) Arno Antlitz said in an interview with the German daily Boersen-Zeitung on Saturday.
He said that while bottlenecks would likely start to ease towards the end of this year, with production returning to 2019 levels next year, that would not be enough to meet the increased demand for chips.
“Structural undersupply will likely not resolve until 2024,” Antlitz said.
A lack of wire harnesses from Ukraine was also causing some shifts to be canceled, Antlitz said, even as the company established new relationships with suppliers to source components from other countries.
Asked how funds from a potential IPO of Porsche AG, scheduled for the end of the year, could be used to bolster Volkswagen’s finances, Antlitz said the money could help finance the automaker’s software unit and its battery production plans.
“Only those who can map their battery supply chain have the advantage of developing electromobility. Securing the supply chain comes with that. A Porsche IPO could give us a lot more flexibility in the funding,” Antlitz said.
(Reporting by Victoria Waldersee; editing by Jason Neely)
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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