Global Chip Drought Hits Apple, BMW, Ford as Crisis Worsens
- Supply constraints to knock up to $4 billion off Apple revenue
- ‘It’s a fight out there,’ Nokia CEO Pekka Lundmark says
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The global chip shortage is going from bad to worse with automakers on three continents joining tech giants Apple Inc. and Samsung Electronics Co. in flagging production cuts and lost revenue from the crisis.
In a dizzying 12-hour stretch, Honda Motor Co. said it will halt production at three plants in Japan; BMW AG cut shifts at factories in Germany and England; and Ford Motor Co. reduced its full-year earnings forecast due to the scarcity of chips it sees extending into next year. Caterpillar Inc. later flagged it may be unable to meet demand for machinery used by the construction and mining industries.