Global carmaker Stellantis has signed a non-binding memorandum of understanding (MoU) with German chipmaker Infineon for a multi-year supply of silicon carbide semiconductors, Infineon said in a statement on Monday.

According to the agreement, Infineon will reserve production capacity and supply the power semiconductors directly to Stellantis suppliers in the second half of the 2020s.

Well over 1 billion euros’ ($1.03 billion) worth of chips could be involved, said Infineon, adding that the chips would be meant for electric vehicles under the Stellantis brands.

Chip shortages over the past couple of years have forced global automakers to scrap production plans for millions of cars. Stellantis chief Carlos Tavares told French newspaper Le Parisien last month he expects the semiconductor supply chain to remain tight until the end of next year.

($1 = 0.9696 euros)

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