Senior White House officials to meet senior executives today, April 12, 2021, to discuss the turbulent situation that has led to shortages in firms and the semiconductor industry.
The meeting, captioned “CEO Summit on Semiconductor and Supply Chain Resilience” will entertain the presence of White House national security adviser Jake Sullivan and National Economic Council Director Brian Deese.
As of noon on Friday, April 19, top companies have affirmed their interest in the meeting, and have also agreed to volunteer a representative each. Some of the companies are; General Motors Chief Executive Mary Barra, Ford Motor Chief Executive Jim Farley and Chrysler-parent Stellantis NV CEO Carlos Tavares.
White House National Economic Council Director, Brian Deese revealed in a statement that the; “summit reflects the urgent need to strengthen critical supply chains.”
Secretary of Commerce, Gina Raimondo and executives from GlobalFoundries, PACCAR, NXP and Taiwan Semiconductor Manufacturing Company, AT&T, Samsung, Google-parent Alphabet, Dell Technologies, Intel Corp, Medtronic, Northrop Grumman, HP, Cummins and Micron, will also attend the meeting.
After automakers cancelled many orders due to idle auto factories during the coronavirus pandemic, they were plagued by global chip shortages and were hit particularly hard.
An American auto industry organization this week urged the government to help and warned that a global semiconductor shortage could reduce the number of vehicles produced this year by 1.28 million and cause production to be interrupted for another six months.
Broadband internet, cellphone and cable TV companies have also suffered delays in receiving “network switches, routers, and servers… Shortages in semiconductors and the associated delays will result in hundreds of millions of dollars in impact to the broadband and cable television industry this year.”
U.S. President, Joe Biden hopes to pump in at least $100 billion in promotion of semiconductor production and invest in supporting the production of key products, but officials say this funding will not be able to meet short-term chip demand.