A global shortage of semiconductor chips was the automotive industry’s kryptonite for most of 2021 and 2022. But the crisis is now fading, S&P Global Mobility said Thursday.
The chip shortage cost the industry the production of about 9.5 million light vehicles in 2021, according to S&P Global Mobility estimates, and another 3 million in 2022. In the first half of 2023, production cutbacks tied to chip shortages fell to about 524,000 vehicles. Supply remains constrained, but automakers have been able to adapt production schedules as chip availability becomes more predictable, S&P Global Mobility said.
“We are now in a