Volkswagen Group's Spanish subsidiary Seat is facing production shortfalls from multiple sources, first from the semiconductor shortage and now from the impact of the war in Ukraine, CEO Wayne Griffiths said.
Seat had an operating loss of 371 million euros ($407 million) in 2021, when production was 25 percent less than planned because of a lack of chips, Griffiths said.
He said the shortage had a negative impact of 600 million euros overall on the balance sheet of the unit, which includes Seat and the Cupra performance brand.
The subsidiary recorded a net loss of 256.3 million euros in 2021.