Copyright newsbytesapp
Volkswagen Group, the parent company of Audi and Porsche, has confirmed a stable supply of chips for the time being. The assurance comes from CEO Oliver Blume amid a Chinese export ban on finished products by semiconductor manufacturer Nexperia. The move has sent European automakers scrambling for supplies. Blume emphasized the fragility of global supply chains in light of the current chip crisis. Unlike the previous semiconductor crisis, this one involves simple chips used across industries, especially in automobiles. He added that while Volkswagen Group is currently stable, a quick political resolution is needed to address these challenges. China's export ban on Nexperia's finished products comes after the Netherlands took control of the company. The move has been prompted by concerns over its Chinese owner, Wingtech, being a potential national security threat. The standoff could further complicate matters for Europe's auto sector, which is already grappling with US tariffs and Chinese export restrictions on rare earths. Along with his role at Volkswagen Group, Blume is also the CEO of Porsche. The luxury carmaker has been facing a massive crisis due to declining sales in China and US import tariffs. On Friday, Porsche reported a third-quarter operating loss of nearly €1 billion ($1.2 billion). However, Blume remains optimistic about a clear positive trend for the brand from 2026 onward. Earlier this month, Porsche announced that Blume would be handing over the CEO position to former McLaren Automotive CEO Michael Leiters at the start of 2026. This decision comes after long-standing investor criticism that managing two carmakers was too much for one person. Blume had previously said Leiters was on his list of potential successors due to his expertise in sports cars.
