Stellantis To Shut Down Russia Plant Due To Component Crisis; Looks To Source Computer Chips From Europe, US

Stellantis NV 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.