Autonomous Vehicle News
Global car manufacturers could lose as much as $110 billion due to the ongoing shortage of semiconductor chips, according to consulting firm AlixPartners. Ford and General Motors said the chip shortage is set to cut billions off their earnings this year. Ford lowered its earnings outlook by about $2.5 billion in 2021, while GM said their earnings would be slashed by $1.5 billion to $2 billion. Semiconductor chips are vital components of new cars and they are widely used for infotainment systems, as well as for basic parts, such as power steering and brakes. Also on rt.com Volkswagen expects global chip shortage to further hit output with no chance to recoup existing losses – reportsThe global semiconductor chip shortage was brought on by the surge in consumer demand during the Covid-19 pandemic.