JAKARTA - SAIC Motor Corp will raise billions of yuan in funding 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 funds would also be invested in automotive electronics startups and would later be opened to external funds.
According to SAIC, China is currently the largest automotive market in the world. But China currently relies heavily on imports for automotive chips. While local semiconductor manufacturers currently only produce 5% of the global market.
Reported by Reuters, the global semiconductor shortage has hit automakers around the world, including in China, which has delayed production and hit sales.
Through SAIC's cooperation with SITRI, in the future the Chinese government hopes that it will not experience a shortage of chips. They want to beat Taiwan, as the largest chip-making country in the world.
This is a serious target. If China can do well, then electric car sales in the country are predicted to soar. Not only to meet the needs of cars in the country, but also for the international market.
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