- Volkswagen AG (OTC:VWAGY) Chief Executive Officer Herbert Diess said delivery times for electric vehicles are likely to get quicker, CNBC reported.
- Semiconductor shortage has been a major roadblock for automotive manufacturers to match demand and supply.
- “We’re trying to keep delivery times short,” the report quoted Diess, “but we have a lead time of a year or so currently, so we are ramping up production.”
- The CEO also added that the demand for electric vehicles has shot up in Europe and the U.S.
- The report noted Volkswagen expects to garner at least 70% of its European revenue from electric cars and 50% in China and North America by 2030.
- Price Action: VWAGY shares closed higher by 5.49% at $18.24 on Thursday.
- Photo Via Pixabay
Tuesday’s CNBC ‘Fast Money Halftime Report’ Mentions
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