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Auto chip shortage will end next year -Tesla’s Musk

The global semiconductor shortage that is hammering the auto industry could end next year.

At least that’s what Tesla CEO Elon Musk predicts.

Speaking remotely at an Italian tech conference in Turin on Friday, the head of the electric car maker said the global chip shortage should be “short term.” He said that new semiconductor plants that are planned or being built will have the capacity to provide chips by next year.

The chip supply issue has forced automakers to slash production and sales forecasts. It is such a top concern that U.S. Commerce Secretary Gina Raimondo met with Detroit’s Big Three automakers and chipmakers on Thursday, pressing them to provide information on the semiconductor crisis.

“The situation is not getting better, in some ways it is getting worse. Truck companies, car companies have furloughed and continue to furlough thousands of workers. So, it is time to get more aggressive.”

Back in Turin, Musk was joined by John Elkann, the CEO of Chrysler parent Stellantis. The two agreed on potential support coming from nuclear power to cover global energy needs.

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