Italian Industry Minister, Adolfo Urso appeared on SkyTG24 news Tuesday where the minister revealed that he expects Fiat-parent Stellantis NV (NYSE:STLA) to more than double the number of cars it produces in the country.
The announcement comes a day after Minister Urso met with Stellantis CEO Carlos Tavares. "We set a (target) figure, one million cars, and Tavares said he can do it, and go from 450,000 to 1 million cars," Urso said.
A spokesperson for Stellantis said the company was "hopeful" the right conditions will be created to reverse the decline in Italian automotive production.
According to the FIM-CISL trade union, Stellantis' automotive production in Italy last year totaled around 685,750 units, comprising almost 480,000 cars and 206,000 vans.
On Monday, Stellantis mentioned that the increase in production in Italy relies on various factors such as market predictions, affordability of vehicles, the influence of Euro 7 emissions regulations, and incentives aimed at bolstering Italy's competitiveness.
Shares of STLA are up 0.43% in afternoon trading on Tuesday.