How Covid led to a $60 billion global chip shortage for the auto industry

(CNBC)

• Automakers are expected to lose billions of dollars in earnings this year due to a shortage of highly important semiconductor chips.
• Consulting firm AlixPartners expects that the shortage will cut $60.6 billion in revenue from the global automotive industry this year.
• Semiconductor chips are used in new vehicles for areas including infotainment systems, power steering and brakes.