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Tuesday Ticker: August 24, 2021

Toronto, Ontario ⁠— In this week’s AutoCanada reports its Q2 2021 financials–blowing 2020’s results out of the water–while the Taiwanese government provides hope for a forthcoming end to the global microchip shortage.⁠

AutoCanada picks up pace
AutoCanada has announced its second-quarter results for 2021, outpacing last year’s net income by 288 percent.

Revenue for the private dealership⁠, which also operates sixteen collision centres⁠, reached $1,281.1 million, compared to $727.4 million⁠ in 2020⁠⁠—an increase of 76.1 percent and the company’s highest-ever Q2 results.

Net income (loss) for the period was $37.7 million, as compared to $(20.1) million in Q2 2020.

“We are well-positioned to continue to deliver sustainable improvements and build on our positive momentum in a way that carries us through this year and beyond,” wrote the company alongside its Q2 results.

Balancing act
Taiwan’s government has faith the global supply of auto chips could reach a “balance” by the fourth quarter of 2021, it said on Saturday, reiterating its commitment to tackling the shortage.

Last week, Democratic U.S. senators from Michigan and Ohio asked the Taiwanese government to help address the shortage, given that the island is a major semiconductor producer.

Taiwan’s Economic Ministry noted that the island’s chip producers were not the main suppliers to the foreign integrated device manufacturers that actually make the auto chips.

“But relevant chip manufacturers are fully cooperating with customers from all over the world, responding positively to their related needs and assisting in resolving the problem of automotive chips,” wrote the Ministry.

The nation’s Economy Minister Wang Mei-hua has been personally involved in talking to Taiwan’s chip makers, who told her they have been “actively resolving” the issue in the first half of this year and will continue to do so, the ministry added

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