In a significant development, data firm IHS Markit stated, the shortage of chips in the auto semiconductor sector is likely to impact around 1 million units of global light vehicle production during the first quarter. The announcement sees a major jump from its previous forecast.

On February 3, in a report HIS Markit had stated, according to its estimate, the chip shortage would impact 672,000 vehicles through March 30, 2021.

It went on to add, it expects the majority of volume can be recovered in the remainder of 2021.