Automotive manufacturer Stellantis (NYSE: STLA) aims to boost its production in Italy and has planned to sign a deal with the Italian Government to raise its production in Italy to more than 1 million vehicles. Stellantis is Italy’s major automaker, and the company’s production dipped to less than 700,000 vehicles last year. In 2021, Stellantis’ manufacturing in Italy was badly hit by a global shortage of chips and other components.
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According to a Reuters report, Italian industry minister Adolfo Urso stated, “The parties have agreed on the need to immediately intervene to reverse the negative trend of the latest 20 years.” The report cited data from the FIM-CISL metalworkers union, which said that Stellantis’ production in Italy is expected to increase to around 800,000 units this year.
Analysts are bullish about STLA stock with a Strong Buy consensus rating based on eight Buys and two Holds.
