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3M Doubles Its Estimated Drop in Car Output on Chip Shortage

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Photographer: Simon Dawson/Bloomberg
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3M Co. expects the semiconductor shortage that has idled auto factories worldwide will last into 2022 and the company has doubled its previous estimate for the decline in new-vehicle production in this year’s second half.

The year-over-year drop will be 6%, up from 3%, Chief Financial Officer Monish Patolawala said Monday at a Morgan Stanley conference.