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CMI - Cummins Inc News Story

$260.97 5.4  2.1%

Last Trade - 05/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £27.44bn
Enterprise Value £28.64bn
Revenue £15.03bn
Position in Universe 339th / 6849

White House convening summit with top executives on chip shortage

Fri 9th April, 2021 5:00pm
By David Shepardson
    WASHINGTON, April 9 (Reuters) - A White House summit Monday
on a global semiconductor chip shortage that has roiled the
global automotive industry will include senior executives from
more than a dozen major companies including key chip
manufacturers, a senior official said Friday.
    Reuters reported earlier the summit is expected to include
General Motors  GM.N  Chief Executive Mary Barra and Ford Motor
 F.N  Chief Executive Jim Farley.
    The White House official confirmed the three largest U.S.
automakers, including Chrysler-parent Stellantis NV  STLA.MI 
will attend, as will executives from Global Foundries, PACCAR,
NXP and Taiwan Semiconductor Manufacturing Company  2330.TW .
    The White House meeting will include White House National
Security Advisor Jake Sullivan and National Economic Council
Director Brian Deese to discuss "steps to strengthen the
resilience of American supply chains for semiconductors and
other key areas."
    Commerce Secretary Gina Raimondo will also take part.
    A U.S. auto industry group this week urged the U.S.
government to help and warned that a global semiconductor
shortage could result in 1.28 million fewer vehicles built this
year and disrupt production for another six months.

 (Reporting by David Shepardson
Editing by Chizu Nomiyama)
 ((David.Shepardson@thomsonreuters.com; 2028988324;))
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