Intel Plans $95B Chip Plant In Europe, Robotaxi Service

Intel Corp INTC is planning new chip-making facilities in Europe valued at up to $95 billion.
Intel could raise the total investment over about a decade to up to 80 billion euros.
CEO Pat Gelsinger said Intel is planning two chip factories at a new site in Europe to plug the demand surge for semiconductors in computers, cars and gadgets, the Wall Street Journal reports.
Taiwan Semiconductor Manufacturing Co Ltd TSM already committed $100 billion to the initiative. Samsung Electronics Co Ltd SSNLF recently earmarked $205 billion to the cause.
Intel said it plans to commit an Ireland factory to the auto chip sector as the crisis continues to weigh on ord Motor Co F, General Motors Co GM and Toyota Motor Corp TM.
Gelsinger expects the market for car chips to more than double to $115 billion by the end of the decade.
Intel’s self-driving subsidiary Mobileye will begin a pilot of a robotaxi service in Israel and Germany in 2022 in collaboration with car-rental giant Sixt SE.
The partnership could follow ride-sharing services across Germany and other European countries later this decade.
INTC Price Action: Intel shares were trading 0.46% higher at $53.76 at last check Tuesday.