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Intel Needs $9.7B Subsidies For Europe Chip Plant: Reuters

Intel Needs $9.7B Subsidies For Europe Chip Plant: Reuters
  • Intel Corp (NASDAQ: INTC) has sought $9.7 billion (€8 billion) in public subsidies for semiconductor factory construction in Europe to reduce the bloc’s import reliance amid the ongoing semiconductor chip crisis, Reuters reports.
  • Gelsinger had announced Intel’s $20 billion investment in U.S. chip production last month.
  • Gelsinger was hunting for a European plant location to support European Commissioner Thierry Breton’s aim of doubling Europe’s global chip share output to 20% over the next decade.
  • Breton intended to drive production supply on its own and through selected partnerships.
  • Breton had also interacted with Taiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) before Korea’s Samsung Electronics Co Ltd (OTC: SSNLF) and Intel.
  • Breton would hold further talks on May 4 with the CEOs of two Dutch semiconductor companies ASML Holding NV (NASDAQ: ASML) and NXP Semiconductors NV (NASDAQ: NXPI).
  • Breton was planning a European semiconductor alliance to bundle the interest of the domestic companies.
  • Germany’s Infineon Technologies AG (OTC: IFNNF) (OTC: IFNNY) hailed Breton’s chip production initiative in Europe.
  • Breton was also keen on a German location for a potential foundry.
  • Gelsinger also met automaker Bayerische Motoren Werke AG (OTC: BMWYY) and telecoms operator Deutsche Telekom AG (OTC: DTEGF) (OTC: DTEGY).
  • He also visited the Volkswagen AG (OTC: VWAGY) headquarter based on sources.
  • Gelsinger will visit Israel next week, where it is set to announce a $200 million investment in a new chip development campus and 1,000 staff hiring.
  • Price action: INTC shares traded lower by 0.96% at $57.72 on the last check Friday.

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Posted-In: Europe Reuters semiconductorsNews Tech Media

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