Automakers are halting or shifting manufacturing in response to Russia's invasion of Ukraine.
The carmaker is among Western companies most exposed to Russia, where it makes 8% of its core earnings according to Citibank.
A worker assembles the powertrain with an electric motor and battery of a VW ID.3 electric car at the Volkswagen factory in Zwickau, Germany, July 31, 2020. While French car parts maker Valeo said the direct impact on the company is minimal, the invasion could drag down industry production volumes, and hike energy or raw material prices.
Automakers should not face an immediate shortage of palladium, Wakefield said, because there are stocks of the metal in London. There is "a six-month journey before palladium finds its way into a car," he said.
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Russia-Ukraine: Here's where the attacks in Ukraine are happeningThe country is being attacked on multiple fronts. Ukrainian and U.S. officials said Russian forces were attacking from the east toward Kharkiv, Ukraine's second-largest city.
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