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Biden Promises Congressional Funding For Semiconductor Chips In White House Summit

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Yesterday, President Joe Biden and his staff met with automakers and semiconductor chip makers at a White House summit designed to address the ongoing global chip shortage, which has severely impacted production in recent months. At the summit, Biden announced that he has bipartisan support behind legislation that would help fund the semiconductor industry, calling the shortage a “top and immediate priority.”

“Today I received a letter from 23 senators, bipartisan and 42 House members, Republican and Democrat, supporting the chips for America program,” Biden said. The White House also released a statement noting that attendees discussed “the importance of encouraging additional semiconductor manufacturing capacity in the United States to make sure we never again face shortages.”

The funding would come in addition to a $50 billion dollar investment in semiconductor manufacturing and research included in Biden’s proposed infrastructure plan. Despite some, like Ford CEO Jim Farley saying that the chip shortage should be over by Q3, many analysts have recently stated that they believe it could go on at least through the end of the year, causing production shortages of two- to three-million vehicles around the globe.

Additionally, Intel Chief Executive Pat Gelsinger, also in attendance at the White House summit, said that the company wanted to begin producing automotive chips at its factories within six to nine months. “We’re hoping that some of these things can be alleviated, not requiring a three- or four-year factory build, but maybe six months of new products being certified on some of our existing processes,” Gelsinger said. “We’ve begun those engagements already with some of the key components suppliers.”

Ford recently shared its chip shortage recovery plan with dealers, which includes making changes to its supply chain strategy and efforts to use the chips it has on hand in its most profitable vehicles. However, the 2021 Ford F-150 has still been impacted by the shortage and has faced at least four different production cuts as a result.

We’ll have more on the chip shortage soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.

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Written by Brett Foote

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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7 Comments

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  1. $500,000,000 tax dollars to some of biden’s buddies? How about some tax incentives for companies to build their mfg sites here in the USA? No cost to tax payers. I wonder how much hunter biden and his chinese investors are making off this deal?

  2. The shortage must be terrible for the higher ups at ford, with the new Bronco coming out soon, and ford sitting on a zillion orders, I wonder if the majority of those orders won’t be filled (those that actually order) until 2022, along with the inevitable price increase? How is ford able to bring a new vehicle to life, while existing customers just wait? This seems as though it may P***O** a couple of buyers…..

  3. Well how about that, Farley? Kissing Biden’s backside worked for y’all after all. Did it leave a nasty aftertaste?
    I was only kidding, Jim, sheesh!
    When do y’all begin to take down H-D?

  4. The ‘whinners’ whine, the ‘haters’ hate and I am so glad you guys don’t actually run any major U.S. company…into the ground. Too funny but running your mouth doesn’t really count as an accomplishment. You don’t have a clue! Farley was named a Director for Harley Davidson… I hope they can turn it around.

    • It’s obvious who is the clueless one is Mike says..
      With Farley on H-D’s board of directors, he’ll be pushing the Livewire electric motorcycle. Guess what Mr Namecaller? They’re not selling well either ($30,000.00 for something that can’t go 150 miles?).
      Yeah, Farley is the one alright.

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