Volkswagen sticks to outlook as size offset supply chain woes

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Volkswagen sticks to its outlook for the current year despite supply chain challenges

Porsche IPO still planned for Q4, Europe's top carmaker, on Wednesday stuck to its outlook for 2022, shrugging off supply chain disruptions caused by the war in Ukraine and the pandemic by drawing on its global production network.

"We used our position as a truly global company to balance production across our markets and relieve pressure where there were supply issues and product shortages," CEO Herbert Diess told journalists."For example when we had to cut back production in Europe due to a lack of wiring harnesses and in some areas had to shut down plants, we sent the semiconductors we didn't need to other regions.

View of the depot tower of German carmaker Volkswagen's electric ID.3 car in Dresden, Germany, June 8, 2021. Picture taken with a fish eye lens. REUTERS/Matthias RietschelDiess still pointed to uncertainty from the conflict in Ukraine and the pandemic, adding the company could currently not foresee the full impact a deterioration of the situation would have, including a possible ban on Russian energy imports.

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