Roughly 77 ships are currently waiting outside docks in the Ports of Los Angeles and Long Beach, California, carrying a staggering $24 billion worth of goods waiting to be offloaded, CNBC reported, citing economists at Goldman Sachs.
Musk's remarks follow comments made earlier in the week by General Motors President Mark Reuss, who said he expects the global supply of chips to stabilize but at lower levels than automakers need to rebuild their inventories.
The Chinese government's attempts to contain the coronavirus' spread has prevented iPhone factories in the country from fully resuming operations, Apple says.