Will the Chip Shortage End in 2023?
A microchip shortage has caused new vehicle prices to soar, climbing near record highs. Though in during this chip shortage, other economic and production factors influenced the price hike as well. But a solution to the microchip crisis is expected to provide some relief.
But how much longer will we have to wait? More optimistic analysts predict the shortage to ease by the time we ring in the new year. But others believe issues may persist into the beginning of 2023.
As it turns out, vehicles do not require the most advanced microchips. Because inexpensive, less-powerful models will function just fine, the microchip industry is working to ramp up production, hoping to increase it by another 3% in 2023 (Electronic Engineering Journal).
More microchips mean more vehicles, and before long, more shoppers back on the lot!
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