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Intel Corp (NASDAQ:INTC) will set aside part of its Ireland facility to make chips for automakers crippled with shortages, CEO Pat Gelsinger said at an event on Tuesday.
What Happened: The Santa Clara, California-based chipmaker plans to convert a part of its Ireland facility, which makes mainstay computer processors, to cater to the automotive sector, Gelsinger said at Munich's IAA auto show, as reported by Reuters.
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Intel also plans to invest up to EUR 80 billion (about $90 billion) over the next decade to build new chip-making facilities in Europe. The company plans to announce the locations of two major new European chip fabrication plants by the end of the year.
As per the Reuters report, the possible production sites could be in Germany and France. Poland, where Intel already has a presence, could be considered for the ramp-up, as well.
See Also: Intel Said To Be Considering Buying GlobalFoundries In $30B Deal
Why It Matters: Intel’s plan comes at a time when automakers are struggling to get enough chips to build their cars quickly.
The global chip shortages have forced the likes of General Motors Co (NYSE:GM), Ford Motor Co (NYSE:F) and Tesla Inc (NASDAQ:TSLA) among others, to halt production at some of their key plants and delay deliveries.
The lingering crisis began last year when the demand — battered by COVID19 — came back up faster than anticipated and chipmakers such as Taiwan Semiconductor Manufacturing (NYSE:TSM) and Intel struggled to cope up with the sudden surge in fresh orders from automakers as well as smartphone-makers.
Price Action: Intel shares closed 0.26% lower at $53.65 on Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.