Continuing disruptions from the Covid-19 pandemic and a worsening global semiconductor shortage hammered the automotive industry in the third quarter as the world’s largest car makers reported steep falls in earnings and production and dealers struggled to source models.
In Europe, the two largest manufacturers, Volkswagen AG and Stellantis NV, said Thursday that production of new vehicles plunged 35% and 30% respectively in the three months to Sept. 30, as the dearth in semiconductor components caused unfinished cars to pile up in factories.
