The global semiconductor shortage will continue through 2022, according to Renault SA CEO Luca De Meo. Recovery in auto production, therefore, could remain slow.
De Meo further said that major suppliers had cautioned the British automaker, the shortage was a structural issue and could continue even if production capacity is on the mend.
Renault expected deliveries in the second quarter to decrease by half from its previous estimates.
Daimler AG and Jaguar Land Rover also warned of low sales due to the shortage of chips, earlier this week.