The global chip shortage is here to stay, at least for another two to three years, the president of Hisense, one of China’s largest electronics manufacturers, said. The fast-spreading shortage in semiconductors has been plaguing producers in spheres from household electronics to automobiles. According to the head of Chinese state-backed Hisense, Jia Shaoqian, the situation “could be sorted within two to three years” if there are “no big issues” with global trade disputes, RT reported on Sunday. “Otherwise if sanctions of trade and economy between nations continue, it is really hard to estimate,” Shaoqian warned in an interview with CNBC. His company has seen the impact of the chip shortage just like many others. While claiming that business remains normal, Shaoqian did note that the cost of production has visibly risen. Major executives globally expect the chip shortage to last well into 2022, with some stating it could linger beyond that. The current shortage was brought about by a number of factors, the main being the growing demand for consumer electronics amid Covid-19 pandemic-induced lockdowns. Semiconductor chips are vital components in new cars and are widely used in infotainment systems, as well as in basic parts such as power steering and brakes. An average vehicle may have hundreds of semiconductor chips. Automakers have been reporting massive cuts in earnings this year because of the chip shortage. Car manufacturing in Britain fell by 27pc year-on-year in August, while General Motors said last month its US vehicle sales plunged by more than 30pc during the third quarter in annual terms. US tech giant Apple is reportedly planning to cut its smartphone production goals in 2021 by 10 million units due to the shortage of chips.