(FOX BUSINESS) – Multinational automaker Stellantis is indefinitely closing an assembly plant in Illinois in February and laying off hundreds of workers, in large part due to the high cost of making electric vehicles.
Stellantis noted in a statement emailed to FOX Business on Friday that the industry had been adversely affected by factors including the ongoing COVID-19 pandemic, the global microchip shortage and the increasing cost related to the electrification of the automotive market, which it said was the most impactful.
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The automaker said that a number of actions had been taken to stabilize production and improve efficiency at its North American facilities to "preserve affordability and customer satisfaction in terms of quality."
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