An ongoing global shortage in semiconductors is on track to cost the world’s automakers $210bn in lost revenue this year, almost double that of previous estimates.

This year auto dealers expect the semiconductor shortage to result in sales dropping by about 30%. SIAM has asked the MEA to reach out to chipmakers to prioritise Indian automakers when plants reopen.

The investment in Motorcomm was done through the Hubei Xiaomi Yangtze River Industrial Fund. The size and other details of the deal were not disclosed.

Foxconn will buy a semiconductor factory that manufactures six-inch wafers from Taiwanese memory chip supplier Macronix International for $91 million. It will boost Foxconn’s ambition to make EVs and auto chips.

In this interview with Rakesh Rao, Dr Sreeram Srinivasan, CEO, Syrma Technology Pvt Ltd, discusses reasons behind the current chip shortage crisis and new growth opportunities for the company

Vehicle production in China fell from 69.8% to 6.8% in April 2021. The global shortage of semiconductors is believed to be the major reason behind the slump.

As per Alix Partners, automakers might lose $110 billion revenue due to global semiconductor chip shortage. The amount was previously estimated as $61 billion. The crisis might hit the production of 3.9 million vehicles.

Pat Gelsinger, CEO, Intel, met with Thierry Breton, European Commissioner, to deliberate the semiconductor strategy. He stated that the existing global chip shortage will persist for another couple of years.

The chipmaker will spend $3.6 billion in the next three years to combat the global chip shortage. The production will happen at an existing UMC facility in the Tainan Science Park from the Q2 of 2023.