The shortage will cost global automakers $110 billion in lost revenues this year, and cut production by 3.9 million vehicles, consulting firm AlixPartners has said.
That had led automakers to rethink how their supply chain works when it comes to critical parts like chips.
Germany’s Volkswagen Group said it is talking with chip makers about securing supplies over the long term, and one unnamed executive previously told Reuters the automaker is weighing buying directly from the manufacturers rather than working through others.
Ford Motor Co. CEO Jim Farley said last month the No. 2 U.S. automaker is redesigning parts to use more accessible chips and weighing other strategies, including building a buffer supply of chips or working directly with the foundries that make the wafers used in semiconductors.