VWAGY - Global auto chip shortage sends major automakers scrambling

Internal warnings at Volkswagen (VWAGY) suggest the automaker faces a bigger production hit in the second quarter than the first from the global chip shortage. "We are being told from the suppliers and within the Volkswagen Group that we need to face considerable challenges," VW exec Wayne Griffiths tells the Financial Times. Volkswagen has halted production at several locations across Europe. The recent power outage at a TSMC (TSM) facility and damaging winter storm in Texas added additional strain to global auto chip production. The ongoing chip shortage has seen Ford (F) close a dozen more facilities in North America and Europe, while Jaguar Land Rover (TTM) is shutting two of its U.K. factories. Renault (RNSDF) suspended production guidance due to the issue and Daimler (DDAIF) is reducing employee hours to adjust to the lower rate of production. In early February, General Motors (GM) warned the global automotive chip shortage

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Global auto chip shortage sends major automakers scrambling