BERLIN (Reuters – The shortage of semiconductors will continue to be a problem in the automotive industry through 2023, German carmaker BMW’s chief executive Oliver Zipse stated in an interview published Monday by newspaper Neue Zuercher Zeitung.

Zipse said that we are still experiencing a chip shortage at its peak. Zipse stated that while we should expect improvements by the end of next year, there will be a shortage fundamentally in 2023.

BMW indicated during mid-March’s annual press briefing that the chip shortage would continue through 2022.

Zipse’s remarks echo similar statements made by Arno Antlitz, Volkswagen’s Chief Financial Officer (DE:), on Saturday. He stated that he believed the supply of chips wouldn’t be enough to satisfy demand until 2024.