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  4. Stellantis Halts Production Over Chip Shortage
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Stellantis Halts Production Over Chip Shortage

By Michael Elkins According to reports by Reuters, car production at Stellantis' (NYSE:STLA) Sochaux car plant in France will be suspended until Saturday. The company confirmed the...
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Stellantis Halts Production Over Chip Shortage © Reuters Stellantis (STLA) Halts Production Over Chip Shortage

By Michael Elkins

According to reports by Reuters, car production at Stellantis' (NYSE:STLA) Sochaux car plant in France will be suspended until Saturday. The company confirmed the rumors after a union official cited semiconductor shortages as the reason for the interruption. Stellantis builds the Peugeot 3008 and 5008 at the Sochaux plant.

Reports have also come in showing that Stellantis has halted its Opel car factory in Zaragoza in northern Spain for five shifts due to a shortage of semiconductors, labor union CCOO said on Thursday.

According to a union representative, the plant announced it would suspend production from Thursday evening and resume output on Monday.

The Dodge Chrysler parent company was forced to halt production at two French factories back in June due to a chip shortage affecting one of its main suppliers.

Automakers, including Honda (NYSE:HMC) and Toyota (NYSE:TM), are also being hit by supply chain snags, hampering production. Honda announced that they will cut production by up to 40% in Japan early in September, while Toyota’s inventory levels continue to deteriorate. Toyota’s dealer body currently has a 36-hour supply of on hand inventory. For perspective, in 2019 Toyota had a 60-day supply of inventory.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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