Chip crunch may last a year

Far-reaching impact: A file picture showing Toyota’s Agya vehicles bound for shipment parked in front of a vehicle carrier ship at the Nagoya Port. Automakers have been ensnared by the chip shortage, forcing many to cut vehicle output, while manufacturers of consumer electronics have also been hit. — Bloomberg

CHIPS are set to remain in short supply for at least a year as demand from carmakers and other manufacturers remains robust, and ramping up production capacity takes time, according to the head of South-East Asia’s Integrated Micro-Electronics (IMI) Inc.

The maker of electronic components, a unit of Philippine conglomerate Ayala Corp, has already topped 2020 in order bookings this year as economies reopen, said Arthur Tan, IMI’s chief executive officer.