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Semiconductors also known as 'Chips' were an essential component of the modern digital devices. They were the backbone of emerging technologies like Artificial intelligence (AI), Internet of Things (IoT), 5G, and components used in products ranging from smartphones to automobiles. The global automotive industry was a major consumer of chips as more and more cars were made with sensors, navigation, smart and complex entertainment systems. The rapid adoption of electric vehicles had further triggered an increase in demand for automotive chips. However, in early 2020 during the COVID-19 pandemic, the automotive industry had started experiencing shortage of chips for the first time in the global market. In 2021, the global chip shortage was expected to cost automotive industry, huge losses of close to USD210 billion in revenue. Major automakers like Ford, General Motors (GM), BMW, Daimler, Renault, and Volkswagen (VW) were the hardest hit by the chip shortage and forced to slash their production capacity. However, Toyota had managed to overcome the hurdle of chip shortage to become the top selling automaker in the global market, surpassing industry veterans like VW and GM. What approach did Toyota use to overcome chip shortage crisis? How was Toyota faring better than most competitors despite the chip shortage crisis?