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    7203   JP3633400001

TOYOTA MOTOR CORPORATION

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Toyota Motor : U.S. lawmakers urge speedy action on U.S semiconductor chip funding

10/21/2021 | 02:08pm EST

WASHINGTON, Oct 21 (Reuters) - A bipartisan group of 38 U.S. House lawmakers on Thursday urged leaders in Congress to immediately set a path to advance legislation providing $52 billion for U.S. semiconductor production including $2 billion in support for chips used by the automotive industry.

The U.S. Senate voted 68-32 in June to approve a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology, including providing $52 billion for chips, but the measure has stalled in the House.

The House lawmakers in a letter warned of the "dire consequences the automotive industry as a whole - and the nation - faces if we fail to advance legislation soon."

Automakers around the world have cut production dramatically because of the shortage in supply of semiconductor chips. The Senate bill includes $2 billion in funding dedicated to the type of chips automakers use.

The letter is spearheaded by U.S. Representatives Debbie Dingell and Fred Upton of Michigan. Dingell is a Democrat and Upton a Republican. The letter said the "ongoing semiconductor shortage is hurting the automotive industry, American workers, and our nation’s competitiveness by the hour."

It added that "all of the major American automotive manufacturers are hurting and conditions are getting worse ... If this shortage is further prolonged, we fear more assembly plants will be faced with temporary shutdowns or long-term disruptions."

Commerce Secretary Gina Raimondo has been urging Congress to pass funding quickly.

"Realistically, there is no quick and easy fix," Raimondo told Reuters last month. "Fundamentally, the solution is that we need to make more chips, and we need to make more chips in America."

Raimondo's department issued a voluntary request for information to obtain better information on the chips problem from industry.

Automakers from General Motors Co to Ford Motor Co to Toyota Motor Corp have cut output due to scarce chip supplies, made worse by a COVID-19 resurgence in key Asian semiconductor production hubs. (Reporting by David Shepardson in Washington Editing by Matthew Lewis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
STELLANTIS N.V. -6.84% 15.566 Delayed Quote.6.18%
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Financials
Sales 2022 31 136 B 274 B 274 B
Net income 2022 2 750 B 24 226 M 24 226 M
Net Debt 2022 17 347 B 153 B 153 B
P/E ratio 2022 10,7x
Yield 2022 2,75%
Capitalization 28 733 B 253 B 253 B
EV / Sales 2022 1,48x
EV / Sales 2023 1,37x
Nbr of Employees 366 283
Free-Float 69,9%
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Number of Analysts 21
Last Close Price 2 074,50 JPY
Average target price 2 333,50 JPY
Spread / Average Target 12,5%
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Managers and Directors
Akio Toyoda Executive President, CEO & Representative Director
Kenta Kon CFO, Director & Chief Officer-Accounting Group
Takeshi Uchiyamada Chairman
Keiji Yamamoto Chief Information, Security & Software Officer
Seiji Sakai Manager-Information Systems & IT Management
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