Global Semiconductor Chip Shortage Hits Car Sales
Mohammad Ali (@ChaudhryMAli88) Published February 09, 2021 | 05:04 PM
Japan's top automaker Honda on Tuesday said it has cut its global auto sales outlook by 100,000 for the first three months of 2021 due to a global shortage of essential chips, local media reported
ANKARA (UrduPoint / Pakistan Point News - 9th Feb, 2021 ) :Japan's top automaker Honda on Tuesday said it has cut its global auto sales outlook by 100,000 for the first three months of 2021 due to a global shortage of essential chips, local media reported.
Honda Motor Co. had set a target of 4.6 million sales until March this year.
The shortage of the chips is mainly attributed to boost in sales of smartphones, game consoles, smart TVs, and laptops triggered by global lockdown during the pandemic which forced people to stay home.
Also, restrictions imposed by former US President Donald Trump's administration on China's chipmakers have fueled the demand for semiconductor chips.
The global chip shortage has led many industrialized countries to reach out to Taiwan for chip supplies.
The US, Germany, and Japan have recently urged Taipei to increase the chip production.
Taiwan is home to world's largest contract chip maker Taiwan Semiconductor Manufacturing Co (TSMC), whose orders are fully booked until 2024.
The firm supplies chips to Apple Inc. smartphones, and are used for artificial intelligence and high-performance computing.
The TSMC is also planning to open a new $12 billion plant in the US state of Arizona.
Almost all Japan's top automakers -- Toyota, Honda, Nissan, Subaru, Suzuki, Mitsubishi, Mazda -- have either decided to cut down production or are in the process of examining the impact of chip shortage.
Related Topics
Recent Stories
IHC adjourns PTI founder, Qureshi's appeal till Thursday
CDWP recommends 3 projects to ECNEC for approval
Tarar assures APNS to resolve issues of newspaper industry
Pakistan urged to capitalize on economic stability, for Tobacco Tax Reforms
N. Macedonia polls set to upend ties with EU neighbours
Croatia's ruling party reaches coalition deal with right wing
Bayern coach Tuchel makes three changes for Madrid showdown
Olympic flame arrives on French soil for Paris Games
Punjab Finance Minister announces expansion of Social Protection Authority's man ..
Kenya inks deal to end doctors' strike
Brazil flooding death toll reaches 100
Lebanon security source says five killed in Israeli strikes on south
More Stories From Business
-
CDWP recommends 3 projects to ECNEC for approval
6 hours ago -
Pakistan urged to capitalize on economic stability, for Tobacco Tax Reforms
6 hours ago -
Punjab Finance Minister announces expansion of Social Protection Authority's mandate
6 hours ago -
Delegation of dairy industry called on Finance Minister
7 hours ago -
Uzbek FM to deliberate matters of bilateral interest, trade augmentation
7 hours ago -
Pakistani fishing industry attracts Chinese investors: PCJCCI
8 hours ago
-
LCCI, PVTC to make joint efforts to bridge skill gap in industrial sector
8 hours ago -
French ambassador meets Finance minister
8 hours ago -
Wheat purchase record registered properly; growers being paid within 24 hours
8 hours ago -
Govt ensuring one stop solution to industrialists: Ikramullah Dharejo
8 hours ago -
Pak-Qatar Family Takaful achieves Rs156.3 turnover in 2023
8 hours ago -
First phase of Tajir Dost Scheme limited to only registration: FBR
9 hours ago