U.S. President Joe Biden met with executives from major companies on Monday, discussing the global chip shortage that has hit automakers and spurred Intel Corp. to announce a plan to produce chips for carmakers in the next six to nine months.

The White House meeting included executives from 19 major companies, including General Motors Chief Executive Mary Barra, Ford Motor CEO Jim Farley and Chrysler-parent Stellantis NV CEO Carlos Tavares.

"Today I received a letter from 23 senators, bipartisan and 42 House members, Republican and Democrat, supporting the CHIPS for America Act," Biden said at the top of the session. CHIPS refers to Creating Helpful Incentives to Produce Semiconductors for America Act.

During the meeting, Biden said he had bipartisan support for legislation to fund the semiconductor industry. He previously announced plans to invest $50 billion in semiconductor manufacturing and research as part of his drive to rebuild U.S. manufacturing under a $2 trillion infrastructure plan.

The global chip shortage stems from a confluence of factors as carmakers, which shut plants during the COVID-19 pandemic last year, compete against the sprawling consumer electronics industry for chip supplies.

That industry has seen a boom as people spend more time at home. Biden and his top advisers view the semiconductor shortage as a "top and immediate priority," the White House said after the meeting.

Intel Chief Executive Pat Gelsinger, who attended the meeting virtually, told Reuters the company wanted to start producing chips at its factories within six to nine months to address the shortage, which has idled assembly lines at some U.S. automotive plants.

The supply crunch could lead to a potential 1.3 million shortfall in U.S. car and light-duty truck production this year.

"We're hoping that some of these things can be alleviated, not requiring a three- or four-year factory build, but maybe six months of new products being certified on some of our existing processes," Gelsinger said. "We've begun those engagements already with some of the key components suppliers."

Intel last month announced plans to vastly scale up chips manufacturing for outsiders as it builds new factories in the U.S. and Europe. Its talks with automotive suppliers disclosed on Monday represent an acceleration of those plans.

White House national security adviser Jake Sullivan, National Economic Council Director Brian Deese and Commerce Secretary Gina Raimondo also took part.