VW CEO Herbert Diess says the Ukraine conflict’s financial injury may very well be worse than pandemic

Diess additionally mentioned that Europe faces large menace of upper inflation from extended battle in Ukraine.

VW didn’t instantly reply to a Reuters request for remark.

European automakers together with VW, Porsche, BMW, and Mercedes-Benz are struggling to acquire crucial wire harnesses as suppliers in western Ukraine have been shuttered by Russia’s invasion, forcing them to curtail manufacturing.

VW brought forward a production stop at its dwelling manufacturing facility in Wolfsburg because of components shortages.