ON Semiconductor CEO expects auto chip backlog to end by third quarter

ON Semiconductor, a chipmaker scrambling to meet the high demand for automotive components, expects to relieve a bottleneck in auto chip production by the second half of the year at the latest.

In an interview Monday with CNBC’s Jim Cramer, CEO Hassane El-Khoury said the company is experiencing a rush in orders for its products amid an industrywide shortage in chips.

The shortage, which began when demand for electronic products such as computers surged during the pandemic, has forced carmakers including General Motors and Ford to cut back on manufacturing some vehicles.

“The orders came on so strong that we’re not able to keep up, but we do have the capacity,” El-Khoury said in an…