The global shortage of chips that was a headache for automakers has actually been a boon for Indie Semiconductor, CEO Donald McClymont told CNBC on Wednesday.
“While others have problems, we’ve actually really benefited,” he said in a Mad Money interview.
McClymont’s comments came after Ford Motor announced earlier in the day it would cut auto production at several North American plants as the industry grapples with a global chip shortage. Demand for semiconductors has increased during the Covid-19 pandemic as consumers buy more electronics for their homes. Semiconductors are used in a number of consumer products, including phones, computers, and increasingly electrified automobiles.
Aliso Viejo, California-based Indie Semiconductor manufactures next-generation chips and software for the automotive industry. It provides chips for applications such as advanced driver assistance and autonomous systems, connected driving, user experience and vehicle electrification.
But while companies like Ford have struggled, Indie Semiconductor reports an order backlog of $ 2 billion.
“We designed our supply chain according to our own image. We focus entirely on the automotive market,” said McClymont. “We have selected suppliers who are also very similar and to that end they are making the right choices for the automotive market.”
The private company is expected to become a public company within weeks of the completion of the Blankoscheck merger with Thunder Bridge Acquisition II. The shares of SPAC, or Special Acquisition Acquisition Company, rose 3.37% to $ 10.42 per share on Wednesday.
The merger, announced in December, valued Indie Semiconductor at around $ 1.4 billion. Indie Semiconductor plans to expand its reach in a $ 16 billion auto semiconductor market, the company said, citing IHS figures.
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