Chip crisis to last until 2024

Semiconductor chip supply is unlikely to be enough to completely satisfy demand again until 2024, Volkswagen Chief Financial Officer (CFO) Arno Antlitz said in an interview with German daily Boersen-Zeitung on Saturday.

He said that although bottlenecks would likely begin to ease towards the end of this year, with production returning to 2019 levels next year, this would not be enough to meet heightened demand for the chips. "The structural undersupply will likely only resolve itself in 2024," Antlitz said.

A lack of wire harnesses from Ukraine was also still causing some shifts to be cancelled, Antlitz said, even as the company was establishing new supplier relationships to source the component from other countries.