The automobile industry is being hit hard by a shortage of computer chips that has slowed production and is set to drag on for months
Eemployees work on the assembly line, at the 'Glassy Manufactory' production site in Dresden, eastern Germany, June 8, 2021.
The situation is to some extent the fault of carmakers, who scaled back orders when the pandemic hit, so chipmakers shifted output to consumer electronics, which was seeing a boom in demand as people splurged on equipment to work and relax and home. That is five percent of last year's production level, or a third of the output increase that VW had expected earlier this year.
Ford said its average sale price rose by 14 percent from last year as it surprised analysts with a $1.1 billion second-quarter profit.
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