Benzinga | Sep 24, 2021 01:35PM EDT

Tesla's Elon Musk Sees Respite From Chip Crisis Soon

* Tesla Inc (NASDAQ:TSLA) CEO Elon Musk rebuffed the global auto chip crisis as a "short-term" problem that will be over by next year, CNBC reports.

* Musk previously acknowledged the impact of the crisis on its supply chain.

* At an Italian tech event joined by Ferrari NV (NYSE:RACE) and Stellantis NV (NYSE:STLA), Musk expressed confidence in the chip fabrication plants that would likely resolve the crisis, Reuters reports.

* AlixPartners expect the crisis to affect the auto industry $210 billion in lost revenue, up from $110 billion.

* The important chipmakers like Intel Corp (NASDAQ:INTC) and Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) expected the crisis to linger.

* The crisis compelled General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:F) to cut down on production.

* Price Action: INTC shares traded higher by 0.37% at $54.23 on the last check Friday.