After a decade of record-low new-car affordability and drive-away deals, prices continue to rise or remain steady as global vehicle production remains strangled by a worldwide shortage of microchips.
Major car brands including Toyota, Volkswagen, General Motors, Ford, Nissan, and Mazda have announced or foreshadowed production slowdowns due to a sustained shortage in electronics components.
As reported earlier by Drive, the semiconductor shortage has been largely driven by an unexpected surge in demand for new cars in the wake of the coronavirus crisis – and a decision by the electronics industry to pivot to smartphones and other devices to keep their factories running.