Report: Chip Shortage Could Cost Automakers $61B

The global shortage of semiconductors and its impact on automakers continues to dominate manufacturing headlines. This week, Bloomberg reported that one estimate says the chip shortage could cost automakers $61 billion in lost sales this year. Bloomberg has compiled a summary of actions taken in response by the major auto manufacturers in North America.

Chad Moutray, chief economist for the National Association of Manufacturers, said this week that while there continues to be supply chain challenges and rising costs, U.S. manufacturers overall continue to expand, with production down just 2.1% since the pandemic began. Moutray expects a return to pre-pandemic levels by the third quarter of this year. 4/14/2021