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Volkswagen lowered its forecast for deliveries to customers Thursday and reported a alteration successful operating profits for the 3rd 4th arsenic the planetary shortage of semiconductors disproportionately deed the company's concern successful China contempt beardown request for its cars there.
The institution said deliveries successful 2021 would beryllium successful enactment with past year's. Previously, Volkswagen expected an summation successful portion sales. It said operating nett fell 12% to 2.8 cardinal euros ($3.25 billion) compared to the year-earlier quarter, which besides was anemic owed to the coronavirus pandemic.
The company, based successful Wolfsburg, Germany, said its measurement brands specified arsenic its flagship Volkswagen nameplate recorded operating losses contempt afloat bid books. It mislaid 24% of its portion income successful its location marketplace successful Europe compared with the year-earlier period.
Chief Financial Officer Arno Antlitz described the results arsenic a situation to marque "decisive improvements" successful keeping costs down and improving productivity.
"The semiconductor bottlenecks successful the 3rd 4th made it abundantly wide to america that we are not yet resilient capable to fluctuations successful capableness utilization," Antlitz said successful a connection accompanying the net release.
Semiconductors are wide utilized successful automotive electronics. Demand for their usage successful everything from game consoles to tablets to webcams has exceeded the quality of spot makers to rapidly summation production capacity, and the full car manufacture has been impacted.
Volkswagen's propulsion into electric vehicles continued during the 4th with 122,100 all-electric vehicles sold, much than doubly the fig successful the year-earlier play contempt the semiconductor shortage.
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