Volkswagen expects a strong second half of 2022 and progress in catching up with Tesla as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker’s CEO has said.
“We are earning more than ever,” chief executive Herbert Diess said at a works meeting, according to a Reuters report, adding Volkswagen was ramping up electric vehicle volume in its biggest markets in Germany and China thanks to easing semiconductor shortages.
This should allow the carmaker to narrow the Volkswagen-Tesla gap this year and meet its goal of becoming market leader by 2025 if it seizes the moment while the US. electric car maker burns cash on large investments, the CEO reportedly said.
“Elon (Musk) has to ramp up two highly complex factories in Austin and Gruenheide at the same time – as well as expand production in Shanghai. That’s going to take strength out of him,” Diess said, according to Reuters.