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BMW’s CEO expects chip shortage to last into 2023

BMW's CEO expects chip shortage to last into 2023

BMW CEO Oliver Zipps speaks during a visit by German Minister for Economy and Climate Protection Robert Habeck at the BMW plant in Munich, Germany, January 20, 2022. REUTERS/Lukas Barth

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BERLIN (Reuters) – The shortage of semiconductors is likely to be a problem for the auto industry until 2023, CEO of German automaker BMW said in an interview with the publication Neue Zuercher Zeitung (NZZ) on Monday.

“We are still at the peak of the chip shortage,” Zipsy was quoted as saying. “I expect we’ll start to see improvements at the latest next year, but we still have to deal with the underlying shortfall in 2023.”

BMW said during its annual press conference in mid-March that it expects chip shortages to continue throughout 2022.

Zipse’s comments echoed similar comments by Volkswagen Chief Financial Officer Arno Antlitz on Saturday who said he expects chip supply won’t be able to meet demand until 2024. Read more

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Reporting by Victoria Waldursi; Editing by Alexander Smith

Our Standards: Thomson Reuters Trust Principles.

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