Stellantis CFO: Chip shortage impact remains 'controlled'

MILAN (AP) — The Stellantis automotive company has reported a 14% increase in first-quarter revenues despite a drop in production due to the semiconductor shortage. Stellantis was created out of the merger of Fiat Chrysler Automobiles and PSA Peugeot. Chief Financial Officer Richard Palmer said Wednesday that lost production due to the global chip shortage for the period was 190,000 vehicles. , with the impact likely higher in the second quarter. Palmer said the impact was likely higher in the second quarter but "is still very controlled." Nearly all automakers are struggling with the chip shortage from semiconductor makers switching their factories to more profitable consumer-electronics processors when automakers closed last year due to the pandemic.