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Stellantis CEO Expects Chip Shortage To Drag Into Next Year

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FILE - In this file photo taken on Jan. 19, 2021, the Stellantis sign is seen outside the Chrysler Technology Center in Auburn Hills, Mich. The leader of the world’s fourth-largest automaker expects a global computer chip shortage that has cut vehicle production to last into next year. Stellantis CEO Carlos Tavares says, Wednesday, July 21, 2021, the shortage will easily drag into 2022. (AP Photo/Carlos Osorio, File)

(AP) — The leader of the world’s fourth-largest automaker expects a global computer chip shortage that has cut vehicle production to last into next year. Stellantis CEO Carlos Tavares says the shortage will easily drag into 2022. He doesn’t see enough signs that chip makers in Asia are increasing semiconductor production that will come to the west. The shortage has forced most automakers to halt production at times, creating shortages and driving up prices because demand remains high. As a result, the average cost of a new vehicle in the U.S. hit a record of over $42,000 in June, according to Kelley Blue Book.

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