WOLFSBURG (dpa-AFX) - Volkswagen is warning of potential price increases resulting from the conflict in Iran. 'I expect the effects we are seeing at the pumps today to reach the manufacturing sector by the end of the year,' Karsten Schnake, Board Member for Procurement, told the industry publication 'Automobilwoche'. Should the conflict persist, end customers could eventually feel the impact.
'If a resolution is reached by mid-year, we can cushion the impact,' Schnake said. 'If the war drags on longer, the effects will be too significant, leading to a price spike.' However, he noted that it is not yet possible to provide a detailed estimate, as the situation remains too complex. VW will strive to minimize the impact 'to place as little burden as possible on our customers.' Schnake added: 'It is enough that they experience it every day at the gas station.'/fjo/DP/men
Volkswagen AG is a Germany-based company, which manufactures and sells vehicles. The Group consists of two divisions: the Automotive Division and the Financial Services Division. The Automotive Division comprises the Passenger Cars, Commercial Vehicles and Power Engineering business areas. This division focuses on the development of vehicles, engines and vehicle software, the production and sale of passenger cars, light commercial vehicles, trucks, buses, and motorcycles, as well as businesses for genuine parts, large-bore diesel engines, turbomachinery, and propulsion components. The Financial Services Division focuses on dealer and customer financing, leasing, direct banking, and insurance activities, fleet management and mobility services. Its brand portfolio includes Volkswagen, Audi, SEAT, SKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania, and MAN.
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