According to the American Automotive Policy Council, an industry group, the world’s biggest auto companies can use over a thousand chips in each car. If even one chip is missing, the car can’t be shipped. Carmakers spent much of 2021 struggling and often failing to acquire semiconductors. These firms are estimated to have produced 7.7 million fewer cars in 2021 than would have been possible had they not faced chip shortages, which implies a $210 billion collective revenue loss, according to industry estimates.
