Chip shortage to cost Daimler Truck billions in revenues

© Reuters. FILE PHOTO: The icmarkets handling feeDaimler logo is seen before the carmaker's annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke/File Photo

BERLIN (Reuters) - Daimler (OTC:DDAIF) Truck Chief Martin Daum expects the global chip shortage to hit revenues by several billion euros this year and sees the problem continuing into next year, Automobilwoche reported on Sunday.

The world's largest commercial vehicle maker, to be spun off from Daimler on Dec. 10, has outlined cost-cutting measure aimed at boosting profit margins as it struggles with chip shortages hurting the entire sector.

Daum said there would be a significant financial hit.

"It is a huge sum," Daum told Automobilwoche, saying the company would sell a "mid five-digit number" fewer vehicles than it could have.

With an average price of 100,000 euros ($113,170) per vehicle, this means several billion euros in lost revenues, reported Automobilwoche.

"We also have many vehicles sitting in the factory where just one part is missing. These deliveries are a priority because they are already sold," said Daum.

He also told Automobilwoche that supply problems are likely to continue in 2022.

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