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Stellantis sets up task force to monitor sanctions, staff in Ukraine crisis

by Mike Robinson

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© Reuters. FILEPHOTO: This view depicts the logo of Stellantis, at the entry to the factory of the company in Hordain (France), July 7, 2021. REUTERS/Pascal Rossignol

AMSTERDAM (Reuters – Stellantis CEO said the company had established a task force in Ukraine to monitor and comply with all sanctions. The announcement came hours before Stellantis, the No.4 global carmaker presented its plan for next years.

Carlos Tavares CEO stated its Russian business was approximately 20 million Euros ($22.4 Million) and its employees in Ukraine were secure as of the latest update.

While President Vladimir Putin began the sixth day on the military offensive in Ukraine, large numbers of convoys approached Kyiv.

Tavares also said that he was hopeful of announcing a deal soon with the Italian government regarding the battery plant which the group is planning to construct in Italy. This comes after Rome promised last month support of hundreds of millions.

After the ones in France and Germany, the Italian plant will be the third in Europe for the group. Through the conversion of an existing engine installation, it will be built at Termoli in southern Italy.

Tavares said that the shortage of semiconductor chips had caused global carmakers to reduce production. He didn’t expect this crisis to be over.

($1 = 0.8911 euros)

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