BMW CEO Sees Semiconductor Shortage To Continue Into 2023: Reuters

by Shivani Kumaresan, Benzinga Staff Writer

April 11, 2022 6:42 AM | 1 min read |

German carmaker BMW or Bayerische Motoren Werke AG BMWYY Chief Executive Officer Oliver Zipse said the semiconductor shortage will continue into 2023, Reuters reported.
In an interview with the newspaper Neue Zuercher Zeitung (NZZ), the CEO said, "I expect us to start seeing improvements at the latest next year, but we will still have to deal with a fundamental shortage in 2023."
The report noted Zipse's comment is the latest after Volkswagen's financial head Arno Antlitz said he expected the chip supply and demand deficit to extend until 2024.
In its annual press briefing, BMW had warned of supply chain constraints to last throughout 2022.
Price Action: BMWYY shares closed 0.18% lower at $27.76 on Friday.