Concerns over a global shortage of semiconductors topped a virtual meeting Monday between President Joe Biden and the CEOs of 19 technology and auto and truck manufacturing companies.
“We’ve been falling behind on research and development and manufacturing,” Biden said in remarks to the CEOs that were open to reporters. “To put it bluntly we have to step up our game,” he said.
Experts say there’s little that can be done about the current shortage, but building a stronger U.S. supply chain could prevent it from happening again.
The shortage is forcing General Motors and Ford to further cut production at North American factories as chip supplies seem to be growing tighter. The shutdowns likely will crimp dealer inventory of vehicles made at the plants.
The chip shortage has already been rippling through markets since last summer, but it has hit the global auto industry hardest.
“China and the rest of the world is not waiting,” Biden said. “And there is no reason why America should wait.”