Global Microchip Shortage Complicates EV Startup Success
Despite a national push towards electric vehicle implementation, the coronavirus pandemic has led to a microchip scarcity, triggering production challenges for many starting companies in the EV industry.
May 26, 2021 •
(TNS) — The global semiconductor shortage that has idled plant after plant and delayed product launches by long-established automakers comes in a year when several electric vehicle startups hope to launch their own vehicles.
Lordstown Motors Corp. on Monday offered a glimpse into the impact of such pandemic-induced supply-chain constraints and their costs on these startups. Shares of the Ohio EV company were falling more than 9 percent in post-market trading after it slashed its production goals for the year if it does not receive additional funding.