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7/21/2021, 5:10 PM (Source: TeleTrader)
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Stellantis CEO warns chip shortage will extend into 2022

Stellantis Chief Executive Carlos Tavares warned on Wednesday that global chip shortages in the auto industry will likely extend into the next year, continuing to cripple production.

"The semiconductor crisis, from everything I see and I'm not sure I can see everything, is going to drag into 2022 easy because I don't see enough signs that additional production from the Asian sourcing points is going to come to the West in the near future," Tavares noted at a Detroit Automotive Press Association event.

Most of the world's major carmakers have reduced output over the issue, with Honda Motor being the latest company to announce a temporary production halt. In response to the situation, chipmakers are rushing to establish more production sites to address the semiconductor shortage.

Baha Breaking News (BBN) / ND