Stock Groups

New semiconductor plants will end global auto chip shortage next year -Tesla’s Musk By Reuters


© Reuters. John Elkann is the Chairman of Stellantis and Ferrari, speaking via videoconference to Tesla’s founder Elon Muss during “Italian Tech Week” in Turin. September 24, 2021. REUTERS/Massimo Pinca

TURIN (Reuters) -Tesla Inc CEO Elon Musk said on Friday that thanks to new semiconductor plants that are planned or under construction, the global chip shortage that has pummelled the car industry this year should be short term in nature.

Musk replied that he thinks the worldwide chip shortage will have a short-term impact on vehicle production.

Musk spoke at Italian Tech Week in a joint session with John Elkann and Stellantis (NYSE:) Chairman John Elkann.

He said, “I believe we will be able to provide chips next year.”

Two leaders in the automotive industry agreed to support nuclear power for meeting rising global energy demands.

Musk stated, “I was surprised at a recent departure of certain countries from nuclear energy. This is safe.”

They avoided discussing competition between Tesla (NASDAQ;) and other top-tier electric mobility companies. However, they did not mention the legacy automakers investing large to increase their range of electrified cars.

Musk, however, thanked Elkann in return for all the help he received between 2017 to 2019 from Comau. The robot unit at Fiat Chrysler that is now part of Stellantis was instrumental in what he described as “one of most difficult periods” of his business, linking to the production of Model 3.

Musk stated that John helped him a lot during that time, and added that Tesla was close to going bankrupt “half a dozen” times.

Carlos Tavares is the Chief Executive Officer of Stellantis. He stated the new group was created through the merger between Fiat Chrysler, France’s PSA, and that it expected to meet its European carbon dioxide emission goals this year, without Tesla credit.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. Instead, they are determined by marketmakers. As such, the prices might not reflect market conditions and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.