Volkswagen Profits Rise But Chip Shortage Impact Not Over
Umer Jamshaid 2 months ago Thu 06th May 2021 | 12:10 PM
Frankfurt, May 6 (UrduPoint / Pakistan Point News - 6th May, 2021 ) :German carmaker Volkswagen reported a jump in first quarter profits Thursday but warned that a global shortage of semiconductors that has hurt production would have a "more significant impact" in the coming months.
The auto giant reported net profits of 3.4 billion Euros ($4.0 billion), up from 517 million euros over the January-March period in 2020 when the first wave of the pandemic closed showrooms and factories.
"We started the year with great momentum," said CEO Herbert Diess.
"Our e-offensive continues to gain momentum and we are making good progress with the transformation. There is still much more we can achieve in the remainder of the year."