Stellantis 2022 Italy Production To Drop For The Fifth Year: Report

Stellantis NV STLA vehicle production in Italy is likely to fall for a fifth consecutive year, the FIM-CISL union said.
The main reason for the drop in production, Reuters reported, is difficulties in chip procurement.
FIM-CISL estimates Stellantis is expected to produce less than 650,000 vehicles in 2022 compared to 673,574 in 2021.
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In the first nine months of 2022, the automaker’s production slipped 2.4% Y/Y to 515,380 vehicles.
The problems associated with chip supply are likely to drag into 2023 as well said FIM-CISL head for automotive Ferdinando Uliano.
“The war in Ukraine, the halt to Russian gas supplies ... can only further worsen the problem of the procurement and costs of raw materials,” he added.
Price Action: STLA shares are trading lower by 1.26% at $12.15 on the last check Friday.
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