Money
Jaguar warns revenue loss could continue with global chip shortages
Iconic carmaker company Jaguar warns the global semiconductor chip shortage is only getting worse
The carmaker says deliveries in the second quarter take a hit due to ongoing supply issues.
Jaguar joins China’s biggest automaker in cutting vehicle output as a result of the crisis.
A shortage of automotive chips began in December as consumer demand for personal devices soared amid pandemic lockdowns.
Other automakers including Nissan, Hyundai, and Volkswagen have warned that shrinking inventory will continue to squeeze sales this summer.
Mercedes-Benz to take a hit
Mercedes-Benz is the world’s biggest luxury car brand. It says a lack of the semiconductor chips “significantly” impacted deliveries during the second quarter, capping its global sales increase at 27%. The shortages were particularly acute last month and the carmaker expects the supply-chain crunch to persist during the coming two quarters.