TSMC says can 'catch up' with chip demand by June

The world's largest maker of microchips says it expects to make enough of them for cars to catch up with soaring demand by the end of next month.

That's according to the chairman of Taiwan Semiconductor Manufacturing, or TSMC, on Sunday.

Stay-at-home orders around the world has fueled a big hunger for electronics, but the global health crisis also shut down the factories that make microchips.

Some auto assembly lines around the globe also ground to a halt without the chips that go in cars.

Mark Liu spoke to CBS' 60 Minutes and said TSMC been behind on fulfilling orders since the end of last year.

"We heard about this shortage in December timeframe. And in January, we tried to squeeze as many chips as possible to the car company. Today, we think we are two months ahead, so that we can catch up to the minimum requirement of our customers, before the end of June."

In some cases, auto factories were also hampered by policies under former U.S. President Donald Trump whose administration took action against chip factories in mainland China.

The self-ruled island of Taiwan has a booming industry for chips and is now front and center in efforts to solve the problem.

Its chipmakers, including TSMC, have vowed to ramp up capacity to make more.