A Qualcomm sign is in front of one of its buildings in San Diego, California November 5, 2014. — Reuters picNEW YORK, Feb 11 — A group of US chip companies today sent a letter to President Joe Biden urging him to provide “substantial funding for incentives for semiconductor manufacturing” as part of his economic recovery and infrastructure plans.
It comes as a global chip shortage has idled factory lines at Ford Motor Co and General Motors Co, with executives at the automakers predicting billions in lost profit. Tight chip supplies have even made it hard for consumers to buy popular gaming consoles such as Microsoft Corp’s Xbox and Sony Corp’s Playstation.
“This is largely because the governments of our global competitors offer significant incentives and subsidies to attract new semiconductor manufacturing facilities, while the US does not,” the group said.
Source: News Formal (newsformal.com)