US Government Wants Information on Semiconductor Shortage
- September 24, 2021
- Posted by: Quatro Strategies
- Category: Manufacturing
The US Government asks automakers, chip manufacturers and other companies to provide information on global chip crisis. Automakers worldwide particularly have been hit hard by the shortage and most of them had to halt production for some period. The White House has been looking at options to help solve the problem.
US Secretary of Commerce Gina Raimondo emphasized that strong action was needed and the situation was not getting better. Raimondo met with representatives of various automakers as well as tech companies and chip manufacturers. The administration asked the industry to lead in solving the supply chain bottlenecks emanated from the chip shortage.
Raimondo said the information they receive will lead to more transparency and therefore the industry could predict challenges before they happen. The Secretary of Commerce also added that she hoped companies voluntarily comply with the administration’s request. She warned that otherwise, they would resort to “other tools in their toolbox”.
Automotive giants such as General Motors, Toyota and Stellantis had to cut output and sales forecasts due to chip shortage. The situation had become worse after some key production hubs faced a resurgence of COVID-19.
Participants of the meeting were concerned about how to reveal the information while complying with regulatory requirements of public companies.
Get your daily Business Brief
Business Brief delivers the latest insights straight to your inbox
You'll get daily industry insights on
Energy, Cleantech, Oil & Gas, Mining, Defense, Aviation, Construction, Transportation, Online Retail, Bigtech, Finance and Politics of Business