- Stellantis NV (NYSE:STLA) looks to source computer chips from Europe and the U.S. within three to four years, Reuters reports.
- CEO Carlos Tavares said multiple initiatives to develop more local sourcing of semiconductors after import shortages from Asia weighed on the industry.
- Stellantis looked to shut down a van plant in Russia as it ran out of parts, Reuters reports.
- Stellantis previously suspended all exports and imports of vehicles with Russia, where it operated a van-making plant in the city of Kaluga, in partnership with Mitsubishi.
- Production in Kaluga continued for the local market following the Russian invasion of Ukraine.
- Tavares admitted that the non-finalization of the technology underpinning the shift to electric mobility made it challenging for automakers to plan and secure future supplies of raw materials.
- Tavares stated carmakers needed to cut the costs of electric vehicles over the next four to five years and sought government assistance.
- Price Action: STLA shares closed lower by 3.13% at $16.27 on Thursday.
