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The automotive semiconductor market will equal $250 billion by 2040, based on rapid development of electric and luxury vehicles.

That’s the conclusion of a report from consultant KPMG titled “Automotive Semiconductors — Accelerating Into the New ICE Age.”

KPMG’s study follows a 2019 analysis that estimated the industry would reach $200 billion by 2040. It predicted the “internal computing engine,” which is much more reliant on semiconductors, would take over as the “heart” of the automotive industry.

Two years of pandemic, supply chain woes and chip shortages later, and that prediction has only accelerated. In 2021, the semiconductor industry jumped 26 percent from 2020, and the firm predicts another double-digit jump in 2022.

The forecast comes with record confidence. The Semiconductor Industry Confidence Index, made up of market signals and KPMG analysis, was placed at 74 for 2022 — the highest recorded in the measurement’s lifetime. read more

The Senate is expected to vote on final passage in coming days and the U.S. House could follow suit as soon as later this week.

NHTSA’s Office of Defects Investigation launched the probe in July 2021 to investigate more than 300 consumer complaints alleging one or both of the sliding doors on those vehicles could not be opened either by using the mechanical handle or electronic remote switches or controls.

GM said on Tuesday it lost $500 million on Cruise during the second quarter — more than $5 million a day.