Chipmaking is a cyclical business which, between the peaks and troughs, has been enjoying strong growth for decades. Governments should resist any calls for subsidies
Carmakers are not the only firms feeling the pinch. Apple and Microsoft have also warned that they will be affected. Politicians are being drawn in, too. Chips will be on the agenda later this month when America’s vice-president, Kamala Harris, visits Vietnam, which has a flourishing electronics industry. Angela Merkel, the outgoing German chancellor, has lamented Europe’s small share of global chip production.
The crisis has had three consequences, two encouraging and one less so. The first is an investment boom. Big producers such as Intel, Samsung andare planning to spend hundreds of billions of dollars on extra capacity over the next few years. As in many markets, high prices are the best cure for high prices.
The unpleasant experience of being the supplicant rather than the boss has prodded carmakers to take tighter control over supplies of vital components. Following in the tyre-treads of Tesla, Volkswagen has announced plans to develop driver-assistance chips in-house. Other firms are forging closer relationships with chipmakers. Toyota, a Japanese firm, has weathered the shortage relatively well, partly because it was slower to cut orders when the pandemic hit.
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