CNBC: Chip shortage could persist for another 2 to 3 years, major Chinese consumer goods maker warns

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CNBC reports:

Key Points

– The global chip shortage could persist for another 2 to 3 years before ending, the president of Hisense, one of China’s largest TV and household goods makers, told CNBC.

– Hisense may not be well known to many consumers but over the past few years, the company has looked to boost its brand in markets it sees as key.

– Currently, around 40% of Hisense’s revenue comes from overseas but hopes 50% of the company’s business will come from outside of China in the next three-to-five years.

QINGDAO, China — The global chip shortage could persist for another two to three years before ending, the President of Hisense, one of China’s largest TV and household goods makers, told CNBC.

Industries from consumer electronics companies to automakers are dealing with a shortage of semiconductors. This has led to shortage of products such as game consoles and manufacturers struggling to keep up with demand.

Chinese companies, including electric carmakers, are also feeling the pinch.

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