Chevrolet Equinox SUVs are parked awaiting shipment near the General Motors assembly plant in Ingersoll, Ontario, Canada, in October 2017. – REUTERSPIXThe global semiconductor chip shortage led General Motors Co on Wednesday to extend production cuts at three North American plants and add a fourth to the list of factories hit, and Stellantis to warn the pain could linger far into the year.
The chip shortage, which has hit automakers globally, stems from a confluence of factors as carmakers, which shut plants for two months during the Covid-19 pandemic last year, compete against the sprawling consumer electronics industry for chip supplies. “GM continues to leverage every available semiconductor to build and ship our most popular and in-demand products, including full-size trucks and SUVs,“ GM spokesman David Barnas said. “We contemplated this downtime when we discussed our outlook for 2021.”
While reporting quarterly results on Wednesday, Stellantis said the chip shortage could weigh on 2021 earnings and chief financial officer Richard Palmer told analysts on a conference call the financial impact was a “big unknown.” Some automakers, including Toyota Motor Corp and Hyundai Motor Co, avoided deeper cuts by stockpiling chips ahead of the shortage.
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