Carmakers from Ford to Ferrari had hoped their chip shortage would end by fall. Now it, and higher prices, may stretch into 2022.
Unfinished Ford F-Series pickup trucks are stored in a lot during a semiconductor shortage at Kentucky Speedway in Sparta on July 16.When Susan Dushane began searching for a new car a few months back, she had no idea just how far she’d have to go looking. She and her son, Mike, contacted every Kia dealer within 200 miles of her home in Tampa, Florida, before they found the one they wanted — and paid $6,000 over sticker for her new Telluride SUV.
“I couldn’t find the car I wanted, and even where they were available, dealers weren’t offering discounts,” said Craig Daitch, the head of a strategic communications company in Commerce Township, Michigan. In fact, when he did find the Jeep Grand Cherokee he wanted, the dealer was going to tack on “an adjustment fee” of $3,000.
As the new year began, manufacturers hoped to rebuild inventories by scheduling plenty of overtime. That’s when they were hit by unexpected fallout from the Covid crisis. When auto plants shut down, the industry slashed orders for the semiconductors used by the dozens, even hundreds, in today’s vehicles. Chip manufacturers, in turn, redirected production to supply soaring demand for consumer electronics. Now automakers have had to go to the back of the line.
GM slashed production of its full-size pickups, the Chevrolet Silverado and GMC Sierra, in recent weeks. And Nissan has shuttered its big assembly plant in Smyrna, Tennessee. It won’t reopen until Aug. 30 at the earliest, Nissan said. While there are “some signs of stabilization,” said Cox Automotive senior economist Charlie Chesbrough, total inventory as of July 19 was just 1.2 million new vehicles at a time of year when the norm is closer to 3 million.
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