Some automakers that had managed to avoid big shutdowns in production during earlier stages of the shortage are now moving to curtail output. For example, Toyota and Hyundai, which had built inventories ahead of the shortage, are now starting to close production lines. Toyota this month slashed production at 14 factories in Japan because of a lack of semiconductors. Some of the cuts will continue into October due to a lack of components from Southeast Asia, Toyota has said.
Ford and General Motors in recent months have been suspending production for weeks at a time at more than a dozen North American factories. Ford this month said its U.S. sales declined by 33% in August compared with a year ago. The cost to the auto industry is estimated at $450 billion in global sales from the start of the crisis into 2023, according to Seraph Consulting.
Intel has said that it expects shortages to last into 2023.
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