Semiconductor crisis wipes €500m off Volkswagen profits – /

The semiconductor crisis worn out almost € 500 million from Volkswagen’s pre-tax revenue within the earlier quarter because the German group struggled to provide sufficient automobiles to fulfill the resurrected demand.

In line with the world’s second-largest automaker, profits fell by about 15% within the three months to the tip of September, almost € 3.1 billion, in comparison with simply over € 3.6 billion in the identical interval in 2019. In 2021, we’ll promote as few automobiles as those offered throughout final yr’s pandemic. The group delivered simply over 9.3 million automobiles in 2020.

In line with UBS, semiconductor bottlenecks decreased international automotive manufacturing within the earlier quarter by 18% in comparison with the identical interval final yr. Nonetheless, a few of VW’s rivals have exceeded Wall Avenue’s expectations anyway, and GM stories on Wednesday that it’ll attain the “excessive finish” of 2021’s earnings steering.

Herbert Diess, Volkswagen’s Chief Government Officer, mentioned:

Thursday’s outcomes are within the midst of a brand new conflict between Dís and Volkswagen’s highly effective labor-administration council. Volkswagen accounts for almost all of the 292,000 robust German workforce.

On Wednesday, the council accused executives of not wanting to have interaction with staff dealing with an unsure future and planning a gathering with U.S. traders slightly than confronting the appointment of a union. ..

“This motion is unprecedented in our historical past, and as soon as once more reveals that CEOs are neither sympathetic nor delicate to the scenario of staff on this crisis,” the council earlier mentioned. Daniela Cavaro, who took over the consultant of the group, mentioned. 12 months.

Late Wednesday, Dís determined to cancel his different appointment and promised to fulfill with the Labor-Administration Council, an individual close to the manager mentioned.

Semiconductor crisis wipes €500m off Volkswagen profits Source link Semiconductor crisis wipes €500m off Volkswagen profits

Semiconductor crisis wipes €500m off Volkswagen profits – /

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