Bosch, the world’s largest auto supplier, said it will make an investment of 3 billion euros ($3.01 billion) in chip production by 2026.
Bosch will be opening two new development centers and expanding a wafer factory in Dresden.
Bosch said it will invest 170 million euros for the new development centres in Reutlingen and Dresden. Bosch will be spending 250 million euros for expanding the 1-billion-euro Dresden site that opened in June 2021.
Bosch has applied for European Union funding to support the investment from an Important Projects of Common European Interests (IPCEI) budget to boost European chip production to 20 percent of global output by 2030, from approximately 8 percent now.