In a statement Daimler’s Truck Chief Martin Daum said, he expects the global chip shortage to negatively impact Daimler’s revenues by several billion euros in 2021 and sees the issue continuing into 2022.

Daimler, the world’s largest commercial vehicle maker has outlined cost-cutting measure aimed at boosting its profit margins as it struggles with the global chip shortage.

Daum went on to add, he does not see the issue making a significant impact on the company’s financials.

“It is a huge sum,” said Daum saying Daimler would sell a “mid five-digit number” fewer vehicles than it could have.

With an average price of $113,170 (100,000 euros) per vehicle, Daimler is likely to be hit with several billion euros in lost revenues.

“We also have many vehicles sitting in the factory where just one part is missing. These deliveries are a priority because they are already sold,” said Daum.

($1 = 0.8836 euros)

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