Chip Shortage Expected to Cost Auto Industry $110 Billion in Revenue in 2021
The forecast is up by 81.5% from an initial forecast of $60.6 billion, which the New York-based firm released in late January when the parts problem started causing automakers to cut production at plants. Mark Wakefield, global co-leader of the automotive and industrial practice at AlixPartners, said a number of factors have contributed to the increase, including a fire at a plant near Tokyo for chip supplier Renesas and weather-related kinks in the automotive supply chain. "The pandemic-induced chip crisis has been exacerbated by events that are normally just bumps in the road for the auto i...
Source: nbcmiami.com