Auto Giants Slash Production As Chip Shortage Worsens

Hopes and positive expectations for larger vehicle inventories and lower prices for this summer are now dimming as a prolonged semiconductor chip shortage has caused several major car manufacturers to cut production.  GM announced it would pause production at eight of its 15 North American assembly plants during the next two weeks due to the chip shortage. Ford also said it will stop making pickups at its two plants and will be cutting shifts in two more for the next two weeks. The two U.S. auto giants follow Nissan, Volkswagen, Toyota, Mazda…