EventsEventsPodcasts
Loader
Find Us
ADVERTISEMENT

SAIC sets up automotive chip fund with Shanghai research institute

SAIC sets up automotive chip fund with Shanghai research institute
SAIC sets up automotive chip fund with Shanghai research institute Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
Share this articleComments
Share this articleClose Button

SHANGHAI - SAIC Motor Corp will establish a multibillion-yuan fund with the Shanghai Industrial Technology Research Institute (SITRI) to promote research and production for automotive microchips.

The Chinese state-owned automaker said on its official WeChat account that the fund will also look to invest in automotive electronics start-ups and will later be opened to external funds.

While China is the world's largest automotive market, it mainly relies on imports for automotive chips and local semiconductor manufacturers currently produce only 5% of the global market, SAIC said.

A global shortage of semiconductors has hit automakers around the world, delaying production and hitting sales.

Share this articleComments

You might also like