More than midway through 2023, sales of semiconductors are still stuck in a rut, banished there largely due to the terrible PC and smartphone sales trends that started in 2022. Many analysts, myself included, worried that chips for the auto industry would suffer a similar fate at some point this year.

No such thing has happened, though. In fact, even as the auto industry works through growing pains as it transitions to more electric vehicle (EV) production, automotive chips are still in overdrive. One of the top names in the business, NXP Semiconductors (NASDAQ: NXPI), posted soaring auto revenue in its latest quarter. Here's what investors need to know. 

During the great recession of 2007 and 2008, the auto industry was in dire need of an economic bailout. These days, it's the auto industry providing something of a lifeline. NXP's second-quarter 2023 earnings provide the context.

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Source Fool.com