July 14, 2022
SPAIN’S president, Pedro Sánchez, has announced a €11 billion investment in the production of microchips and semi-conductors in an effort to revitalize the motor manufacturing sector.
According to industry sources, the global microchip crisis has caused a delay in the production of over 500,000 new cars in Spain, affecting a variety of makes and models.
Semiconductors are microscopic components that are required for the majority of modern gadgets, including mobile phones, and a global scarcity is delaying the production and distribution of goods that are now crucial for business, personal communication, transportation, and energy.
According to the most current research from the World Semiconductor Trade Sector (WSTS), the market for these components had a turnover of approximately US$551 billion at the end of 2021, a rise of 25% year over year. The report also anticipates similar numbers for the end of 2022.
The global semi-conductor industry is anticipated to reach about US$607 billion by the end of this year, growing by 10.1 percent yearly.
Source: Think Spain
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