In This Article:
-
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
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.