American tech company Intel said it's working to combat the semiconductor chip shortage affecting the auto industry on the same day President Biden rounded up CEOs for a virtual summit on the semiconductor supply chain.

"We’re hoping that some of these things can be alleviated, not requiring a three- or four-year factory build, but maybe six months of new products being certified on some of our existing processes," Intel CEO Pat Gelsinger told Reuters. "We’ve begun those engagements already with some of the key components suppliers." READ MORE