When chips are down, some carmakers invest
By Li Fusheng |
China Daily |
Updated: 2021-04-19 09:25
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SAIC employees inspect cars on an assembly line in Shanghai in February. [Photo/Xinhua]
Money is not everything, and carmakers are learning this the hard way: no one had expected the lack of chips would hurt them so much and for so long.
The auto industry began to feel the pinch of the chip crunch in late 2020. Industry insiders think the shortage may continue well into the second half of this year.
Consulting firm AlixPartners estimated it will cost the auto industry a whopping $60.6 billion in revenue this year.