Arno Antlitz, the chief financial officer of German based car manufacturer Volkswagen AG (ETR: VOW3) has expressed fears that the global shortage of computer chip will last until 2024. Antlitz made this revelation during an interview with the German daily Boersen-Zeitung which took place during the past weekend.
According to the CFO computer chip supply is unlikely to be enough to meet demand again until 2024. Additionally, Antlitz says that although bottlenecks would likely begin to ease as the year comes to an end, with production going back to 2019 levels next year, this still will not be enough to meet the increased demand for semiconductors.
“The structural undersupply will likely only resolve itself in 2024,” said the CFO.
Commenting on the possibility of a potential IPO of Porsche AG which has been planned for at the end of the year, the CFO said it would increase the company’s cash flows and the proceeds could be used to finance the company’s software unit and its battery production plans.
“Only those who can map out their battery supply chain have the advantage at scaling in electromobility. Securing the supply chain comes with that. A Porsche IPO could give us a lot more flexibility in financing this,” added the CFO.