Mtpıx, Aut, Auto, Automv, Bact, Carm, Carm1, Cmpny, Cycp, Cycp08, Cycs, Cycs08, Eleav, Indg, Indg08, Inds, Inds08, Pxp, Res, Ceeu, Weu, Amers, Europ, Blux, Ezc, Namer, De, Nl, Fr, Topnws, Topcmb

Mtpıx, Aut

Europe's top carmakers count mounting cost of chip crunch

Europe's top carmakers count mounting cost of chip crunch

10/28/2021 8:55:00 PM

Europ e's top carmakers count mounting cost of chip crunch

The global semiconductor chip shortage cost Volkswagen and Stellantis a combined 1.4 million vehicles in lost production in the third quarter, Europ e's two biggest carmakers said on Thursday, though both reported some early signs of improvement.

Stellantis finance chief Richard Palmer reported a "moderate" improvement in chip supply in October, and expected that to continue through the fourth quarter.But he added supply chain problems meant it was hard to make predictions about the scarcity of automotive semiconductors, which has plagued the industry for most of the year.

EXPLAINER: Why was Michigan suspect charged with terrorism? | AP News Biden to extend transportation mask mandate through March Symone Sanders, Harris' chief spokesperson, to leave White House

"Visibility on semiconductors continues to be a difficult subject for the industry," Palmer said.Carmakers, which shuttered plants as the COVID-19 pandemic took hold last year, have found themselves competing against the sprawling consumer electronics industry for chip supplies.

Supply chain snarls from a fire at a chip-making plant in Japan to coronavirus lockdowns in Malaysia, central to global chip supplies, have only compounded the industry's problems.The shortage of chips, used in everything from brake sensors to power steering to entertainment systems, has led automakers around the world to cut or suspend production, pushing up both new and used vehicle prices amid robust demand from consumers.

Stellantis' new vehicle inventories were down more than 42% year-on-year at the end of September.Palmer told analysts that, "given the volatility of the market," Stellantis was not currently expecting large production increases in 2022, but would focus more on maintaining price levels while battling rising raw material costs.

He said lost production could push Stellantis' 2021 revenue "a touch lower" than its previous forecast.Volkswagen finance chief Arno Antlitz said chip shortages "made it abundantly clear to us that we are not yet resilient enough to fluctuations in capacity utilization."

"Even though the visibility of the situation still remains difficult to forecast, we see the start of stabilisation of the chip supply and expect" key financials to improve in the fourth quarter, Antlitz told journalists.Volkswagen's made a third-quarter operating profit of 2.8 billion euros ($3.3 billion), down 12% on last year and lower than the 2.99 billion Refinitiv forecast. But the company, aiming to overtake Tesla

(TSLA.O)as the world's largest seller of electric vehicles (EVs) by mid-decade, confirmed its operating profit margin target of 6.0-7.5% for 2021."Obviously, the current volatility brutally showcases Volkswagen's exceptionally high fixed costs especially in the performance of the VW brand, which also seems to bear the majority of the semiconductor related shortages," Bernstein analyst Arndt Ellinghorst wrote in a client note.

Some victims of former New York gynecologist Robert Hadden reach $71.5 million settlement Carlos Santana has heart procedure, cancels December shows | AP News When a Florida woman misdialed her sister's number, it sparked a 20-year friendship with a stranger in Rhode Island

Stellantis, formed at the beginning of the year from the merger of Fiat Chrysler and France's PSA, confirmed its full-year target for an adjusted operating profit margin of around 10%. Read more: Reuters Top News »

Four-eared kitten becomes social media sensation - CNN Video

CNN News, delivered. Select from our newsletters below and enter your email to subscribe.

Europe stocks set to open mixed as investors monitor earnings and ECB rate decision Europ ean stocks are set for a muted open Thursday as investors digest corporate earnings and look ahead to a rate decision by the Europ ean Central Bank.

Could Europe manage without Russian gas?As most Asian gas is still procured on long-term contracts linked to the oil price—a practice Europ e abandoned as it liberalised gas markets— Europ e finds itself more exposed to today’s high prices thanks Never, Russia and Europe are destined to help each other in energy sector 15 Highest paid world leaders and presidents in 2021 Annual salary age

Europe Leads World In New Coronavirus Cases And Infections Europ e is the only region of the world that experienced increases in both new coronavirus cases and deaths in the past week, according to the WHO the same WHO that failed to shun China for not taking necessary action to curb the spread of the virus internationally? No, thanks. COVID19

Opinion | In Europe, Confusion Reigns About the U.S.From WSJopinion: America’s pivot to Asia has stirred the most significant misunderstanding, writes wrmead. Americans should think harder about communicating effectively with old allies even as we prepare for new challenges ahead. opinion wrmead good luck opinion wrmead Require the Chinese government to assume its national obligations! We demand that the Chinese government provide basic protection for the life, death and human rights of the Chinese people. The Chinese government is required to truly punish and supervise corruption!

Cognizant BrandVoice: Three Critical Areas Where Europe Leads The Green RushBy making upfront investments in sustainability and the emerging circular economy, Europ ean firms are leading the charge to a greener tomorrow, says Rouzbeh Amini, Head of Cognizant’s Sustainability Practice, EMEA.

Biden heads to Europe with a bit less shine and more work to be donePresident Joe Biden departs this week on his second foreign trip under markedly different circumstances than his first. I wouldn't worry about it too much Joe. Witnessing this last year I don't think they had very high expectations anyway. 叶字典