In the latest trading session, Volkswagen AG (VWAGY) closed at $32, marking a +1.62% move from the previous day.
Volkswagen has produced just 300,000 cars at its main Wolfsburg plant so far this year, a company source with knowledge of the matter said, the lowest figure since 1958 and far behind its average output before the pandemic. The plant, which makes cars from the Golf, Tiguan, and Seat brands among others, produced an average of 780,000 vehicles per year in the past decade and the company said in 2018 it aimed to boost this figure to a million. Volkswagen has previously said it would have a production shortfall in the high hundreds of thousands due to a lack of semiconductors, a problem plaguing automakers worldwide which the company expects to last well into 2022.
DETROIT (Reuters) -Volkswagen AG's top Americas executive said on Tuesday the global semiconductor chip shortage will run well into next year. "Without a doubt, this shortage is going to go well into 2022, at least the second half of '22," Volkswagen Group of America Chief Executive Scott Keogh said at the Reuters Events Automotive Summit. The shortage of chips has led automakers around the world to curtail vehicle production, but also driven up profit as vehicle prices have risen.