With new semiconductor plants either planned or under construction, the global chip shortage that has hit the car industry this year should be short term, Tesla CEO Elon Musk has said.

Asked how long he thought the global chip shortage would affect vehicle production, Musk said: “short term I think”.

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“There’s a lot of chip fabrication plants that are being built,” Musk said during a joint session with Stellantis and Ferrari chairman John Elkann, at Italian Tech Week in Turin, Reuters reported.

“I think we will have good capacity for providing chips by next year,” he added.

The two automotive industry leaders agreed on potential support coming from nuclear power to cover for increasing global energy needs.

“I am surprised by a recent move away of some countries from nuclear energy which is safe,” Musk reportedly said.

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Reuters noted their dialogue avoided referring to competition issues between top EV makers such as Tesla and legacy automakers now investing heavily to expand their EV offerings.

Musk however thanked Elkann for support Tesla received between 2017 and 2019 from Comau, the robot unit of Fiat Chrysler, now part of Stellantis, during what he called “one of the most painful periods” for his company, linked to the launch of Model 3 production.

“John helped me a lot in that period,” Musk said, adding Tesla had come close to bankruptcy “half a dozen times”.

Reuters also noted Stellantis chief executive Carlos Tavares had said the group expected to achieve its European carbon dioxide emission targets this year without credits bought from Tesla.