Stellantis Suspends Production In Russia

• Stellantis NV (NYSE:STLA) said it is halting its production in Russia owing to economic sanctions and logistical difficulties.
• The automaker has 1% of Russia's car market, producing Peugeot, Citroёn, Opel, Jeep, and Fiat brands, Reuters reported.
• "Given the rapid daily increase in cross sanctions and logistical difficulties, Stellantis has suspended its manufacturing operations in Kaluga to ensure full compliance with all cross sanctions and to protect its employees," the company said in a statement.
• Stellantis had already suspended all exports and imports of vehicles with Russia following Moscow's invasion of Ukraine.
• Major corporations have temporarily shut operations in Russia since the Russia-Ukraine crisis.
• Price Action: STLA shares are trading lower by 4.97% at $14.35 in premarket on the last check Tuesday.