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STMicroelectronics To Build Italy Chip Plant With Government Aid To Beef Up Its EV Presence

  • STMicroelectronics N.V. (NYSE: STM) will build an integrated Silicon Carbide (SiC) substrate manufacturing facility in Italy.

  • The facility will support the increasing demand from ST’s customers for SiC devices across automotive and industrial applications as they transition to electrification.

  • Italy will financially support the investment of €730 million over five years and will create around 700 additional direct jobs at full build-out.

  • The European Commission approved a €292.5 million ($292 million) grant, Reuters reports.

  • Production will likely start in 2023, enabling a balanced supply of SiC substrate between internal and merchant supply.

  • The SiC substrate manufacturing facility, built at ST’s Catania site in Italy alongside the existing SiC device manufacturing facility, will be a first-of-a-kind in Europe to produce a volume of 150 million SiC epitaxial substrates, integrating all steps in the production flow.

  • ST committed to developing 200 million wafers in the next future.

  • Samsung Electronics Co, Ltd (OTC: SSNLF) shared plans to expand its advanced chips production capacity by more than 3X by 2027 to meet strong demand.

  • Samsung targets the commercialization of advanced 2-nm technology chips by 2025 and 1.4-nm chips by 2027, set for high-performance computing and artificial intelligence applications.

  • Micron Technology, Inc (NASDAQ: MU) looks to invest up to $100 billion over the next 20 years to construct a new mega fab in Clay, New York.

  • The new factory will increase the domestic supply of leading-edge memory and create nearly 50,000 New York jobs.

  • Price Action: STM shares traded lower by 0.18% at $34.04 in the premarket on the last check Wednesday.

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