Taiwanese semiconductor manufacturer TSMC says it will redeploy its production capacity to help solve a global shortage of computer chips. That shortage has had a profound effect on the international automotive industry, where demand for chips currently far outstrips supply.
TSMC is the world’s most valuable semiconductor company. Its share price has almost doubled over the last year as demand for electronics soars due to the COVID-19 pandemic.
The semiconductor company made the announcement after a meeting with Economics Minister Wang Mei-hua and representatives from fellow manufacturers Powerchip and United Microelectronics Corporation. That meeting came after major automobile manufacturing nations including Japan, Germany, and the US approached Taiwan for help in solving the shortage.
TSMC says the task of alleviating the chip shortfall is now a top priority. It says it has already spoken with clients to understand their key requirements. The problem is partly due to a long and complex supply chain, the company says.