Automakers resort to slashing production due to a shortage of semiconductors

Automakers including Toyota Motor Corp, Nissan Motor, Ford Motor Co (NYSE: F), and Fiat Chrysler Automobiles said on Friday that demand for semiconductors recovered quickly after the initial hit from the Coronavirus pandemic, but the supply was still lagging behind. Consequently, the car manufacturers said, they will resort to slashing vehicle production in January. In a separate announcement, peer Honda Motor Co also warned that production might take a hit this month in Japan due to the shortage of semiconductor chips. Ford had also said in the first week of September that it will slash its North American workforce by