Apr 08, 2021
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About this Deal
The chip shortage has become a growing problem for major automakers around the world, with plants in North America, Asia and Europe all temporarily shutting down production.
Automakers cut back computer chip orders early last year when the pandemic caused temporary plant closures and slammed the brakes on auto sales and production. Electronics manufacturers, which enjoyed strong sales during the pandemic, happily snapped up the excess supply.
But when car sales bounced back sooner than expected, it left the industry struggling with a chip shortage.
GM has already warned that full-year income could be cut by between $1.5 billion to $2 billion because of the chip shortage.