US President Joe President recently met with executives from various companies earlier this week to address the global chip shortage that has affected the automobile manufacturers. This has even led to Intel announcing its plans to help automakers as well.
According to a Reuters report, the chip making giant has announced it plans to manufacture chips at its factories for car plants in the next six to nine months. In the White House summit, Biden stated that he had bipartisan support for legislation to fund the semiconductor industry. Furthermore, he had previously announced plans to invest 50 billion US Dollars into the semiconductor manufacturing and research as a part of the his efforts to rebuild US manufacturing under a 2 trillion US Dollar pan.
For those unaware, the world is suffering from a major shortage at the moment, with the automobile industry being one of the market affected by this issue. Car makers even had to compete with the consumer electronics industry for the supply of chips, since the latter has seen a surge in demand due to people spending more time at home. Biden and his advisers are treating the semiconductor shortage as a “top and immediate priority.”
Pat Gelsinger, Chief Executive of Intel, had also attended the meeting virtually and told Reuters that the firm is planning to start producing chips at its factories within six to nine months to address the shortage. He said that “We’re hoping that some of these things can be alleviated, not requiring a three- or four-year factory build, but maybe six months of new products being certified on some of our existing processes. We’ve begun those engagements already with some of the key components suppliers.”
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