The shortage of semiconductor chips has severely impacted the worldwide vehicle sector. According to the estimate, a drop in output and sales will cost the car industry $110 billion this year. The loss prediction has increased from $60 billion in January of this year. As a result of the chip crisis, the global auto industry will build 3.9 million fewer vehicles this year. According to IHS Markit, a London-based business intelligence organization, that number might reach 7 million. More than $50 billion has been set aside for US-based chipmakers by US President Joe Biden.
Here is Insider Monkey’s list of the 10 auto companies facing the worst declines amid global chip shortage. Subaru Corporation has a $14 billion market capitalization. In the preceding fiscal year, it had a profit of $765 million. The total revenue for the period was $28 billion, down more than 15% year over year. Mazda Motor Corporation is a company with a market capitalization of more than $5 billion. The company, which was created in 1920 and employs almost 50,000 people, was founded in 1920. It sells four-wheeled vehicles, gasoline and diesel engines, and transmissions, among other things. Canoo Inc. is ranked ninth among the ten automakers experiencing the steepest reductions due to a global semiconductor scarcity. Canoo’s chief technology officer, Peter Savagian, told Business Insider that the chip scarcity was on the company’s radar. Fisker Inc. is rated seventh among the ten automakers experiencing the steepest reductions due to a global semiconductor scarcity. Over the last three months, the stock has lost 29% of its value. Fisker recently priced a $625 million green convertible note offering that was increased in size. Li Auto Inc. is ranked sixth among the ten automakers experiencing the steepest reductions due to a global semiconductor scarcity. The company is based in China and produces and distributes smart sports utility vehicles. Since the start of the week, the stock has lost more than 7% of its value. For more details, click 10 Auto Companies Facing The Worst Declines Amid Global Chip Shortage.