Continental expects chip shortages to ease towards end-2022

·1-min read
FILE PHOTO: Logo of German tyre company Continental is pictured at the headquarters in Hanover

FRANKFURT (Reuters) - German car parts supplier Continental said on Friday it expects chip supply bottlenecks to continue in 2022, though they should ease in the second half of the year as manufacturers ramp up capacity.

However, significant improvement is only likely from 2023, when increased production translates into actual availability for customers, Chief Executive Nikolai Setzer told shareholders during the company's annual general meeting.

"And of course, this also depends on demand and on how the automotive sector and other industries develop between now and then," he added.

(Reporting by Zuzanna Szymanska, Editing by Miranda Murray)

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