Scott Keogh, CEO of Volkswagen of America, speaks during a Volkswagen press conference at the Los Angeles Auto Show in Los Angeles, California, U.S. November 28, 2018. REUTERS/Kyle Grillot/file photo
DETROIT (Reuters) - Volkswagen AG's Americas chief sees the global chip shortage lasting into the third quarter of next year, but believes the auto industry will maintain the discipline that has led to strong vehicle pricing and corporate profits even when the flow of semiconductors returns to normal.
The COVID-19 shutdown last year and the subsequent chip shortage reduced vehicle inventories, but also resulted in strong profits for most companies. VW Group of America Chief Executive Scott Keogh is optimistic the industry can maintain those profits without returning to past bad practices.
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