Why is it hitting the auto industry so hard?
"Initially, when you go back to the origins of the industry, the majority of the capacity was in the U.S. and then it shifted outside," Cohen told ABC News."Now, there's a big push to re-shore that manufacturing and bring it back, and it's not just a business decision, it's political, it's a highly politicized decision.
"In addition, there was the shutdown or temporary shutdown of [semiconductor] manufacturing facilities in the Far East and elsewhere, as a direct result of the of the pandemic," Federgruen said."And then there is the fact that on the demand side, in many industries such as the automobile industry, there's been an unusual ramp-up of the demand."
"In 2021, auto prices drove one-third of all inflation, primarily because we don’t have enough chips," Raimando wrote in her blogpost."Automakers produced nearly 8 million fewer cars last year than expected, which some analysts believe resulted in more than $210 billion in lost revenue."Associates check construction during a press tour of Bosch's new semiconductor factory in Dresden, Germany, May 31, 2021.
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