The president of the US in Joe Biden recently held a meet with the executives belonging to various companies just earlier in this week in which it the aim was there to address the global chip shortage that has affected various automobile manufacturers. This even led chip giant Intel in announcing that it too will help automakers.
In accordance with a report following in from Reuters, the chip giant recently announced that it plans to manufacture chips at its factories for the sake of car plants in the coming six to nine months. In the white house summit that took place, it was Biden who claimed that he had bipartisan support for legislation to fund the semiconductor industry. Moreover, the president also recently announced plans to invest 50 million dollars into the semiconductor manufacturing and research as a part of his efforts surrounding the rebuilding of US manufacturing under a 2 trillion US dollar pan.
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For those of you who are unaware : the world is suffering from a major chip shortage at the current moment in time – with the automobile industry being one of the markets which are affected by this particular issue. With that said, car makers even had to compete with the consumer electronics industry for the sake of supply of chips – due to the fact that the latter has actually seen a huge surge in demand as a result of the fact that people are now spending more and more while being at home. Biden, along with his advisors, are treating the semiconductor shortage as being a “top and immediate priority.”
Pat Gelsinger, who of course is the chief executive down at Intel, had also attended the meeting virtually and had told Reuters that the form is in process of planning to start producing chips at its factories within six to nine months so as to address the shortage.
