11:12 AM EDT, 06/04/2024 (MT Newswires) -- Stellantis ( STLA ) may drop some of its suppliers and manufacture car parts itself in a bid to cut costs, Bloomberg News reported Tuesday, citing Chief Executive Carlos Tavares.

"When suppliers are not racing at the same speed of our teams, our teams see a big benefit to insource," the news outlet quoted Tavares as saying. "You come to the conclusion that what you have outsourced, you can do it in-house."

The vehicle maker and its partners are also tweaking investment levels for electric vehicle batteries to match demand, Tavares reportedly said.

Stellantis ( STLA ) didn't immediately respond to MT Newswires' request for comment.

The company's shares were down 1.2% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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