Chip shortage continues to weigh on automakers

The chip shortage could continue to plague Chinese automakers for several more years. That is according to statements from industry officials. Yuan Feng, General Manager of GAC Capital, the investment branch of state-owned Guangzhou Automobile Group (GAC), said the chip shortage could last into 2023 and 2024, according to business portal Caixin. GAC is the fifth-largest automaker in the People’s Republic. Chen Yudong, President of Bosch China, also sees no end to the chip shortage. Chen said Bosch China could currently meet only 31 percent of customer demand due to the chip shortage.