Bosch to invest 3 billion euros in chip production

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BERLIN (Reuters) – Bosch will invest 3 billion euros ($3.01 billion) in chip production by 2026, together with on opening two new growth centres and increasing a wafer manufacturing unit in Dresden, the corporate mentioned on Wednesday.

A complete of 170 million euros will go into the brand new growth centres in Reutlingen and Dresden, with 250 million euros to be spent on increasing the 1-billion-euro Dresden web site that opened in June 2021.

Bosch, the world’s largest auto provider, has utilized for European Union funding to assist the funding from an Important Projects of Common European Interests (IPCEI) funds to increase European chip production to 20% of worldwide output by 2030, from roughly 8% now.

($1 = 0.9964 euros)

(Reporting by Victoria Waldersee, Editing by Miranda Murray and Rachel More)

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