August 8, 2022 – Ford is co-hosting a CEO summit along with several major US chipmakers to discuss how they can address the chip shortage holding back the EV industry.
Demand for EVs is hitting a record pace. Legacy automakers are investing billions into electric models to meet the rising demand. Ford’s EV models have been a hit so far (part of the reason why they are holding the summit). The automaker is having success converting consumer favorite models to electric.
Computer chips are used in everything from smartphones to smart vehicles. Although the chip shortage also affects traditional vehicles, EVs rely on these to power the electronics and can require many (sometimes more than double) more chips.