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Reuters
Europe’s top carmakers count mounting cost of chip crunch
LONDON (Reuters) -The global semiconductor chip shortage cost Volkswagen and Stellantis a combined 1.4 million vehicles in lost production in the third quarter, Europe’s two biggest carmakers said on Thursday, though both reported some early signs of improvement. Volkswagen AG, Europe’s top car company and also the world’s No. 2, cut its outlook for deliveries, toned down sales expectations and warned of cost cuts as it reported lower-than-expected quarterly operating profit. Stellantis, the world’s fourth largest automaker, posted a 14% fall in pro-forma quarterly revenue after chip shortages cut planned quarterly production by 30%, or 600,000 vehicles.
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