The U.S Commerce Department wants Taiwan Semiconductor Manufacturing Co. to prioritize American automakers in chip supply, according to CNBC. Commerce Secretary Gina Raimondo also wants the U.S to heighten investment in the semiconductor industry.
TSMC CEO C.C Wei has reiterated that the company is working to reallocate more capacity towards the chip-hit auto industry.
Wei expects chip supply issues for its auto customers to fall significantly from the next quarter.
U.S Commerce Department plans a meeting next week with players in the auto industry on the chip supply issue.
President Joe Biden has committed to address the chip crisis and allocates $50 billion to support the industry.
The shortage of chips has resulted in layoffs of thousands of workers forcing companies to cut production
TSMC stock is up 0.43% on premarket.
