Skip to main content

Market Overview

Land Rover To Temporarily Suspend UK Production Due To Chip Shortage

Share:
Land Rover To Temporarily Suspend UK Production Due To Chip Shortage
  • Tata Motors Ltd’s (NYSE: TTM) Jaguar Land Rover Automotive Plc (JLR) will temporarily shut down production at the U.K. Castle Bromwich and Halewood factories for a limited period, the Guardian reports.
  • The factories accounted for 6,000 employees. According to Bloomberg, the shutdown will begin on April 26, as JLR joined the growing list of carmakers opting for production holidays due to the global semiconductor chip crisis.
  • French manufacturer Renault SA (OTC: RNLSY) estimated the crisis to extend beyond the quarter and did not disclose its annual financial guidance. German parts maker Robert Bosch GmbH expected the situation to last for several months.
  • JLR manufactured the Range Rover Evoque and Land Rover Discovery Sport models at Halewood and Jaguar XE, XF, and F-Type cars at Castle Bromwich.
  • Volkswagen AG (OTC: VWAGY) and Ford Motor Co (NYSE: F) were forced to cut down on production due to the demand explosion of electronic equipment during the pandemic. Texas winter storms and the fire at Renesas Electronics Corp’s (OTC: RNECY) chip plant in Japan further intensified the situation.
  • Renault expected the crisis to extend to the third quarter exceeding its previous expectation of the second quarter.
  • The crisis also impacted Microsoft Corp (NASDAQ: MSFT) and Sony Group Corp (NYSE: SONY), the manufacturers of the Xbox and PlayStation games consoles, along with the phone manufacturer Samsung Electronics Co Ltd (OTC: SSNLF) and cryptocurrency miners.
  • Price action: TTM shares traded lower by 0.41% at $19.55 on the last check Thursday.
 

Related Articles (TTM)

View Comments and Join the Discussion!

Posted-In: Briefs semiconductorsNews Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com