STMicro expects chip factories to run at full steam until 2023

FILE PHOTO: The logo of electronics and semiconductors manufacturer STMIcroelectronics is seen outside a company building in Montrouge, near Paris, France, July 12, 2022. REUTERS/Sarah Meyssonnier

PARIS/STOCKHOLM (Reuters) -STMicroelectronics expects its factories to run at full steam well into 2023 as the chipmaker's backlog is filled by the car and smartphone industries, prompting it to raise its 2022 outlook and build new production lines.

The Franco-Italian group, whose top clients include iPhone maker Apple and electric carmaker Tesla, strongly benefits from a global surge in power-management semiconductors as the auto industry moves to low-emission vehicles, and from automation in multiple industries.