Our industry feedback suggests that supply constraints have been particularly tough in May and June, with associated record high costs for sourcing and the transport of certain microchips. We expect the approaching results season of 2Q/1H 2021 to be a relative weak point for suppliers’ earnings, but we also believe it will mark the peak of the crisis. While light vehicle production(LVP) was better than we expected in 1Q21 and we moved the bulk of the shortage headwind to 2Q21, our estimates for 2H21 and FY21 are intact and we slightly increase our 2022-23expectations. Early indicators form the semiconductor industry suggest a stabilisation of lead times in 2Q21 with more capacity being allocated to Automotive from 3Q21.