Global Chip Shortage: Renault Korea Motors Suffers a 15 Percent Decline in June

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Yusuf Balogun
Yusuf Balogun
Yusuf is an aspiring Journalist and Health law expert with a special focus on technology innovations. He is a writer at Right for Education, Libertist Centre for Education, Qwenu, and Editor at Gamji Press, UDUS.

The chip shortage is an ongoing global crisis in which demand for integrated circuits, often known as semiconductor chips, exceeds supply, affecting over 169 sectors. The problem has resulted in significant price rises, shortages, and consumer scalping for autos, graphics cards, video game consoles, computers, and other devices that use semiconductors.

The automobile sector was first affected by semiconductor scarcity during the COVID-19 pandemic in 2020 when overall consumer demand for cars fell during the lockdown. This had a domino effect, resulting in labor shortages, a scarcity of raw resources, trade tensions, and the rise of 5G electronics, which require more chips than earlier generations of devices.

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Battling these menaces, the South Korean automobile corporation, Renault Korea Motors has revealed that the company has suffered a 15% sales decline in June, as a result of the ongoing global chip shortage. The company disclosed this in a press release today, Friday, July 1st.

According to the auto industry, it sold 12,011 vehicles in June, down from 14,166 units a year earlier due to disrupted chip supplies and delayed vehicle shipments. Likewise, the domestic sales jumped 34 percent on year to 7,515 units from 5,610, while exports plunged 48 percent to 4,496 units from 8,556.

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However, on the other hand, the firm noted that from January to June, its sales climbed 36 percent to 76,156 autos from 55,926 units during the same period of last year on strong overseas demand for its XM3 SUV. Given the analysis, the firm has suffered a 15% sales plunge in its automobile industry in the just-concluded month, June.

Recently, some industry experts projected that the global chip shortage will not improve before 2023. Recall that experts had earlier predicted last year that there will be some relief in the second half of 2022.

The vice president of semiconductors and electronics at Gartner, Gaurav Gupta said in an interview that the semiconductor supply chain will step into the normal zone by 3Q22, with normal inventory across major chip categories expected by 2Q23.

At the same time, Paul Silverglate, a leader in Deloitte’s U.S. technology sector, said sentiment among leaders in the technology industry does seem to suggest that the semi-supply chain challenges could start to improve toward the latter part of the calendar 2023. Follow TechGenyz for more tech updates.

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