Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Truck maker Navistar says Omicron variant is likely to slow supply chain recovery

Published 12/01/2021, 02:36 PM
Updated 12/01/2021, 02:42 PM
© Reuters. FILE PHOTO: Trucks are parked at a yard of the manufacturing plant of International brand commercial trucks, owned by Navistar, in Escobedo, on the outskirts of Monterrey, Mexico, June 29, 2017. REUTERS/Daniel Becerril

(Reuters) - U.S. truck maker Navistar (NYSE:NAV) International Corp, backed by Volkswagen (DE:VOWG_p), said on Wednesday the Omicron variant of the coronavirus would likely slow the recovery in the global supply chain.

A shortage of semiconductor chips, used to operate everything from driver aids to infotainment systems, have forced major automakers to slash their productions and in some cases build vehicles without certain features.

Navistar adjusted its production schedule for next year to align with suppliers' expected abilities to deliver, it told Reuters in an emailed statement.

"We are remaining flexible and can potentially increase production rates if the supply base can outperform the current forecast," said Paul Martin, the vice president of finance and revenue in Navistar.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.