Renault is cutting car production by 500,000 this year due to a crippling global semiconductor shortage.
The car maker’s finance chief Clotilde Delbos said planning for chip deliveries was ‘still very poor because the information coming from suppliers is very unreliable’.
However, the rising price of cars and cost cutting mean it is still on course to hit profit targets.
Good sign: The rising price of cars and cost cutting mean Renault is still on course to hit profit targets
Delbos said the chip shortage should ease a little by the end of the year with the end of a Covid-19 lockdown in Malaysia, central to global chip supplies.
The shortage of chips, used in everything from power steering to entertainment systems, has led car makers to cut or suspend production, pushing up prices.
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