Benzinga | May 24, 2021 07:23AM EDT

Semiconductor Chip Crisis Will Hit Volkswagen's June Production At Mexican Unit: Reuters

* Volkswagen AG (OTC: VLKAF) (OTC: VWAGY) expect a production hit for three segments of its Mexican unit from June onward due to the semiconductor chip crisis joining the likes of General Motors Co (NYSE: GM), Ford Motor Co (NYSE: F) and Toyota Motor Corp (NYSE: TM), Reuters reports.

* Nissan Motor Co Ltd (OTC: NSANY), Suzuki Motor Corp (OTC: SZKMY), and Mitsubishi Motors Corp (OTC: MMTOF) have also met with a similar fate.

* Volkswagen will initiate maintenance work at its installations during the slack period.

* The German automaker expects the crisis to ensue in the upcoming months.

* Price action: VWAGY shares closed at $33.55 on Friday.