Tuesday , October 26 2021

Before IPO: Vitesco expects significant sales impact from 2021 chip crisis | 09/11/21



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Automotive supplier Vitesco expects the chip crisis to have a significant impact on sales in fiscal 2021.

“This makes a significant contribution to sales for us in 2021,” said Andreas Wolf, CEO of the Euro am Sonntag business newspaper. “The chip bottleneck has greatly hampered good prospects for the entire industry.” The global auto market will only grow in single digits this year, instead of double digits.

The chip bottlenecks turned out to be two to three more difficult months. “Maybe there will be a little slack at the beginning of 2022 because chip manufacturers are expanding their capacities. But that doesn’t mean we’ll reach the normal state then,” Wolf said. Vitesco is the former drivers division of Conti, the outsourced company will make its debut on the Frankfurt Stock Exchange on Thursday, September 16.

MUNCHEN (Dow Jones)

Image source: istock / Yong Hian Lim, tap trofsnag / Shutterstock.com, HstrongART / Shutterstock.com, Lim Yong Hian / Shutterstock.com

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