The Semi Shortage Drags On
The semiconductor shortage has caused problems for dozens of industries. But the most-affected industry is arguably automobiles, which have lost out on billions after being forced to cut production of new vehicles.
Why did automakers cut production? With COVID on the rise, many companies expected suppressed demand for months. Unfortunately, the opposite happened — and there was no getting back that production they sold off. Once the pandemic and semi shortage are behind us, the automotive industry will have lost $110 billion, according to one consulting firm. 😬