BERLIN: Volkswagen sold 2 million fewer cars than planned last year due to the semiconductor shortage, it said Tuesday, warning that ongoing supply bottlenecks, high commodity prices and the Russia-Ukraine conflict could hit growth in 2022.

Volatility in commodity markets could continue into 2026, Volkswagen said, exacerbated by Russia’s invasion of Ukraine, which has caused prices of materials key to car production like nickel and palladium to soar.

Still, the carmaker reported rising revenue across all major regions in 2021, including in Asia Pacific, where it saw a fall in unit sales, which it attributed to favourable product mix and exchange rate effects.