According to Volkswagen’s CFO, the chip shortage will last until 2024

It is unlikely that the need for microchips will be fully met again until 2024. This was the assessment made by Volkswagen CFO Arno Antlitz in an interview with the German daily newspaper Boersen-Zeitung.

According to him, the deficit will probably start to lose its severity by the end of this year, and production will return to 2019 levels next year. However, this will not be enough to meet the demand for chips that has grown in the meantime.

“The structural supply deficit is not likely to be resolved until 2024,” Antlitz said.

Asked how funds from a possible Porsche AG IPO scheduled for later this year could be used to support Volkswagen, the company’s chief financial officer said the money could help fund the automaker’s software division and battery plans.

“Only those who can map out their battery supply chain have an advantage in ramping up production of electric vehicles. Securing the supply chain has to do with that. The Porsche IPO can give us a lot more flexibility in financing that,” Antlitz said.

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