SAIC Motor Corp said on its official WeChat account that the fund will also invest in automotive electronics start-ups and will later open up to external funds.
see photosRight now China is mainly dependent on imports of automotive chips.
SAIC Motor Corp. will establish a multi-billion-yuan fund with 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 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 of automotive chips and local semiconductor manufacturers currently produce only 5% of the global market, SAIC said.
The global shortage of semiconductors has affected automakers around the world, causing production delays and impacting sales.
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