MICROCHIP SHORTAGE

President Joe Biden's administration is pushing to persuade Congress to approve funding to help boost microchip production in the U.S.

The ongoing microchip shortage is driven by unrelenting industry demands, Commerce Secretary Gina Raimondo told reporters.

Hyundai said it expects a 20 percent sales jump in its biggest market, North America, in 2022.

As a shortage of microchips has constrained new-vehicle inventory and led to more demand and higher prices for used vehicles, auto retailers have pumped up their efforts to source inventory.