Volkswagen expects relief from shortage of electronics in the 2nd half

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Volkswagen sees a strong second half and expects progress to catch up with rival Tesla as lessening chip shortages begin to be felt, minimizing rising costs, the automaker’s chief executive said on Tuesday.

“We’re making more money than ever before,” the company’s chief executive, Herbert Diess, said at a work meeting. He added that Volkswagen is increasing electric vehicle volumes in its biggest markets in Germany and China, thanks to reduced semiconductor shortages.

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That should allow the automaker to close the gap that separates it from Tesla this year and meet its goal of becoming a market leader by 2025, Herbert Diess said.

“Elon (Musk, president of Tesla) needs to grow two highly complex factories in Austin and Gruenheide at the same time – as well as expand production in Shanghai. It’s going to take his strength away,” Diess said.

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Source: CNN Brasil

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