Russia’s invasion of Ukraine could have worse implications for the automotive industry and Europe's economy than the pandemic, Volkswagen Group boss Herbert Diess has said.
Diess told the Financial Times that the interruptions to supply chains “could lead to huge price increases” and “scarcity of energy and inflation”, with the potential for a “very much worse” situation.
Europe’s largest car manufacturer has been heavily hit by war-induced supply issues. It was forced to stop production at its Zwickau and Dresden factories in Germany, which produce its MEB-based electric vehicles.
