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Volkswagen and Stellantis take financial hit amid chip shortage
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The carmakers Volkswagen and Stellantis suffered financial hits in the third quarter of 2021 as the automotive sector continued to struggle with the global shortage of computer chips caused by coronavirus pandemic disruption.
Operating profits at Volkswagen, the world’s largest carmaker by output, fell by €500m in the third quarter of 2021. It made €2.8bn (£2.4bn) before one-off items between July and September, down from €3.2bn in the same period last year.
Stellantis, formed from a merger of Fiat and Peugeot in January, reported a 14% decline in revenues as it produced 600,000 fewer vehicles than planned because of the chip shortage.
Car companies around the world have been badly hit by the persistent shortage of computer chips, which are
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