Chip Shortage Takes Shine Off Volkswagen's Third Quarter

Volkswagen's underlying profits tumbled in the third quarter as a global chip shortage left the German auto giant unable to meet demand for its vehicles, it said on Thursda

Frankfurt, (APP - UrduPoint / Pakistan Point News - 28th Oct, 2021 ) :Volkswagen's underlying profits tumbled in the third quarter as a global chip shortage left the German auto giant unable to meet demand for its vehicles, it said on Thursday.

In the third quarter the company "lost some 600,000 vehicles that could not be delivered to customers compared to the second quarter", chief executive Herbert Diess said in a conference call.

"The global semiconductor bottlenecks particularly impacted on the business performance of the Volkswagen Group in the third quarter," the carmaker said in a statement, forcing it to pause production at some of its plants due to missing components.

The shortage of semiconductors, a key component in both conventional and electric vehicles, had "intensified throughout the industry", Volkswagen complained.