Chip crunch may last a year as demand remains robust, says IMI CEO

Automakers from Toyota Motor Corp. to General Motors Co. have been ensnared by the chip shortage, forcing many to cut vehicle output

Chips are set to remain in short supply for at least a year as demand from carmakers and other manufacturers remains robust, and ramping up production capacity takes time, said the head of Southeast Asia’s Integrated Micro-Electronics Inc.

The maker of electronic components, a unit of Philippine conglomerate Ayala Corp., has already topped 2020 in order bookings this year as economies reopen, said Arthur Tan, IMI’s chief executive officer. With more than 20 facilities in 10 countries, the company is the sixth-largest provider of electronics manufacturing services to carmakers, he said. The vehicle products it assembles include power modules, cameras