The lack of chips and the resulting long delivery times for cars could cost the European car industry up to 100 billion euros this year and last year, according to a study by credit insurer Acredia and Allianz Trade. This also has implications for Austria, as around 200,000 people are employed in the automotive supply industry and the surrounding area.
In the two years of global semiconductor shortages, global car production declined by 18 million vehicles, with the decline in Europe being and still greater than in the US and China.
“The economic consequences of the semiconductor shortage are enormous,” said Gudrun Meierschitz, CEO of domestic credit insurer Acredia. Chips worth an average of $600 are needed per vehicle – for the WiFi connection, the parking aid or the electric drive.
“It will be important that chip production is expanded for the automotive industry, less for consumer electronics. Because in the automotive industry, Europe has strong production and a strong end market,” Meierschitz emphasized in a broadcast on Wednesday.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
