Tesla ($TSLA@US) CEO Elon Musk said Friday that planned semiconductor plants would help bolster the sagging auto chip industry. Musk noted, “I think we will have a good capacity for providing chips by next year,” in a joint session with Stellantis ($STLA@UK) and Ferrari ($RACE@Italy) Chairman John Elkann at Italian Tech Week. Additionally, Stellantis CEO Carlos Tavares said his group—formed through a merger between Fiat Chrysler and France’s PSA—should reach its European CO2 emissions targets in 2021 without purchasing credits from Tesla. Tesla shares were down slightly in early trading on Friday, while Stellantis stock only dipped a quarter of a percent.