Stellantis inks $11bln in contracts for vital semiconductors by 2030


FILE PHOTO: A Stellantis sign is seen outside its headquarters in Auburn Hills, Michigan, U.S., June 10, 2021. REUTERS/Rebecca Cook/File Photo

LONDON (Reuters) - Stellantis said on Tuesday that it has signed contracts worth 10 billion euros ($11.2 billion) through 2030 with semiconductor makers to guarantee the flow of vital chips for electric vehicles and high-performance computing functions.

The global auto industry is only now recovering from a pandemic-fueled shortage of semiconductor chips that forced major automakers to shut down production on certain models and scramble to find new sources of chips.

"We have hundreds of very different semiconductors in our cars," Maxime Picat, Stellantis' chief purchasing and supply chain officer said in a statement. "We have built a comprehensive ecosystem to mitigate the risk that one missing chip can stop our lines."

Stellantis said it is also working with chipmakers Infineon, NXP Semiconductors, onsemi, and Qualcomm to further improve its car platforms and technologies.

The world's No. 3 carmaker said that its new supply agreements through 2030 cover silicon carbide chips that extend the range of EVs, computing chips to operate EVs and high-performance computing chips that will provide infotainment and autonomous driving assist functions.

($1 = 0.8905 euros)

   

Next In Tech News

Brazil antitrust body rules Apple must lift restrictions on in-app payments
Researchers: Wildlife monitoring tech used to harass, spy on women in India
Zoom raises annual revenue and profit forecasts, expands share repurchase
Australian stock exchange targets 2029 for phase two of trading software overhaul
With Trump as president, can TikTok in the US survive?
Meta faces April trial in FTC case seeking to unwind Instagram merger
Intel expects US to shave chip-making grant, sources say
Nvidia shows AI model that can modify voices, generate novel sounds
Analysis-Lilium's fall throws spotlight on air-taxi cash crunch
AI analytics firm Pyramid Analytics secures $50 million from BlackRock

Others Also Read