Volkswagen Group expects the semiconductor shortage to continue longer than expected, the automaker’s finance chief, Arno Antlitz, said.
Supplies of semiconductors will not normalize until 2024, by which time there will still be a structural undersupply, Antlitz said in an interview with Germany’s Boersen-Zeitung published on Saturday.
VW Group has been forced to halt production at several factories, including its Wolfsburg plant, and its EV factories in Zwickau and Dresden, Germany, several times due to a lack of chips.
Antlitz said he expects the semiconductor situation to ease this year and next year, but the shortage will continue into 2024 because chipmakers will not be able to meet rising demand for semiconductors even as more chip production comes on line.
“We see a structural undersupply in 2022, which is only likely to ease somewhat in the third or fourth quarter,” he said. “The situation should improve in 2023, but the structural problem will not yet have been fully resolved.
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