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Benzinga
Benzinga
Business
Rachit Vats

Volkswagen To Shift More Production To China, North America As Russia-Ukraine War Roils Europe Supply Chain

Volkswagen China Europe Russia North America United States Ukraine Herbert Diess Latin America

Volkswagen Group (OTC: VWAGY) CEO Herbert Diess said on Tuesday that the German automaker is shifting more production out of Europe to China, North America and Latin America to cope with supply chain issues stemming from Russia’s invasion of Ukraine.

What Happened: Diess said Volkswagen is facing issues related to the supply of parts and raw materials at its plants in Europe and would need to relocate production in three to four weeks, failing which Volkswagen would need to revise its outlook.

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