Ford (F) said Thursday it will cut production of its extremely popular F-15 pick-up truck at two plants due to a worldwide shortage of computer chips.
Shares of the automaker were rising 1.9% to $11.41 in trading Thursday.
Ford said its Dearborn Truck Plant in Michigan will drop to one shift from three for a week beginning Monday, while truck production at its Kansas City Assembly Plant in Missouri will drop to two shifts from three.
Both facilities are expected to return to three shifts the week of Feb. 15, the automaker said. The F-150 is the nation's top-selling vehicle and a big moneymaker for Ford.
The announcement came one day after Ford unveiled its overhauled F-150 Raptor. Ford is scheduled to report fourth-quarter earnings after the closing bell Thursday.
Semiconductors for automotive components such as engine and transmission controllers are in short supply after manufacturers reduced output of automotive chips last spring when the auto industry shut down plants around the world.
There was also increased demand for higher-end personal computers due to the coronavirus pandemic.
Mazda (MZDAY) said it expects a chip shortage to result in a cut of 7,000 vehicles production this month.
In addition, carmaker Stellantis, owner of Fiat, Jeep, Dodge, and other brands, will slow production at its Melfi plant in Italy next week due to a shortage of microchips and other parts and will put over 7,000 workers on furlough, Reuters said Thursday, citing union sources.
On Wednesday, General Motors (GM) said it would cut production entirely during the week of Feb. 8 at plants in Fairfax, Kansas; Ingersoll, Ontario; and San Luis Potosi, Mexico, due to the semiconductor shortage.
GM said it will also run its Bupyeong 2 plant in South Korea at half capacity during that week.
On Tuesday, a group of 15 U.S. senators including Majority Leader Chuck Schumer and Republican John Cornyn urged the White House to work with Congress to address the global semiconductor shortage hitting auto manufacturing.