US lost $240 billion due to microchip shortage

The microchip shortage seen in the US' production processes cost $240 billion to the American economy, being the electronics companies who suffered the most.

The bigger shortages were seen because of the closure of Asia's biggest chip production facilities due to the pandemic.

"Sometimes we've had to scale back production because of chips that were just frankly unavailable...I think it's important for us to make this product in the United States," said Sajid Patel, the CEO of Optimal Design.

"We're not making enough of it now. We have to make more of it. And the only way that you do that is to have more plants. And so this is the investment, frankly, in the future. It's not that far off."

CBS News underlined that microchip shortage has affected the automobile production too. Ford trucks, for instance, have been sent to car parks where they would wait for chip from the production line instead of going directly to the retailer.

It is not seen likely that the shortage goes away in the near future.