Fri. 24 Sep 2021, 1:35pm ETBenzinga
In: News, Tech, Media
  • Tesla Inc (NASDAQ:TSLA) CEO Elon Musk rebuffed the global auto chip crisis as a "short-term" problem that will be over by next year, CNBC reports.
  • Musk previously acknowledged the impact of the crisis on its supply chain.
  • At an Italian tech event joined by Ferrari NV (NYSE:RACE) and  Stellantis NV (NYSE:STLA), Musk expressed confidence in the chip fabrication plants that would likely resolve the crisis, Reuters reports.
  • AlixPartners expect the crisis to affect the auto industry $210 billion in lost revenue, up from $110 billion.
  • The important chipmakers like Intel Corp (NASDAQ:INTC) and Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) expected the crisis to linger.
  • The crisis compelled General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:Fto cut down on production. 
  • Price Action: INTC shares traded higher by 0.37% at $54.23 on the last check Friday.