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Global Giants Ford, Honda, Caterpillar, BMW, Apple, and Samsung Are in Trouble with the Global Chip Crisis After Raking in Billions from Increased Demand for Electronics During the Pandemic
The global chip shortage crisis worsens day by day due to the pandemic, and global giants in technology are suffering consequences, such as Apple and Samsung. Automakers like Honda, BMW, Ford, and Caterpillar also report production cuts and revenue losses, and the global industry may collapse.
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- Caterpillar, the Leading Multinational in Manufacturing Machines, Engines, and Heavy Vehicles, Has Job Openings in Its Factories
- After Volkswagen, Ford, Chevrolet, and Fiat, the Multinational Yamaha Suspends Motorcycle Production in Its Factories and Places Employees on Collective Vacation
- After Ford’s Exit from the Country, Multinationals Honda and Chevrolet Halt Vehicle Production in Brazil, and the Automotive Industry May Collapse
The Japanese company Honda announced that it will halt production at three factories in Japan. The German BMW will reduce shifts at factories in Germany and England. Meanwhile, the giant automaker Ford Motor, which recently left Brazil, has downgraded its annual profit forecast due to the chip shortage, which is expected to extend into next year.
The multinational Caterpillar, manufacturer of machines, engines, and heavy vehicles, also stated that it may not be able to meet the demand for machines used in construction and mining sectors.
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“Double-Edged Sword”
The same companies that profited during the pandemic from increased demand for electronics, which consequently triggered the chip shortage, are now in trouble.
The surge in demand for technology products during the lockdowns has put the global giant Apple in a tight spot, and the multinational has faced chip supply issues affecting iPad and Mac sales, said Luca Maestri, the company’s CFO.
“It’s a struggle, and you have to be in daily contact with suppliers. You need to ensure it’s important for them,” said Nokia’s CEO, Pekka Lundmark, in an interview on Thursday with Bloomberg Television. “When there’s a shortage in the market, it’s things like how important you are overall, how strong your relationships are, and how you manage expectations.”
On the other hand, semiconductor manufacturers are seeing profits grow and will invest billions to expand capacity and meet high demand.
Qualcomm, the world’s largest smartphone chip manufacturer, said that demand for devices is beginning to recover with the return to normalcy in some markets that were stalled by the Covid-19 pandemic.
