According to Reuters, the chief executive of carmaker BMW, Oliver Zipse, said recently that the shortage of automotive semiconductors may continue until 2023.

"We are still in the height of the chip shortage, I expect us to start seeing improvements at the latest next year, but we will still have to deal with a fundamental shortage in 2023," Zipse said.

In response to the shortage, BMW signed a deal with Inova Semiconductors and Globalfoundries Inc. to guarantee an annual supply of millions of chips.

According to Automotive News Europe, Volkswagen's finance chief, Arno Antlitz, expects the semiconductor shortage to continue longer than expected.

Antlitz said he expects the semiconductor situation to ease this year and next year, but the shortage will continue into 2024 because chipmakers will not be able to meet rising demand for semiconductors even as more chip production comes on line.

"We see a structural undersupply in 2022, which is only likely to ease somewhat in the third or fourth quarter," he said. "The situation should improve in 2023, but the structural problem will not yet have been fully resolved.