Infineon launches chip venture with Chinese carmaker SAIC
Berlin
GERMAN chipmaker Infineon Technologies AG is teaming up with SAIC Motor Corp Ltd, China's largest carmaker by sales volume, to benefit from the quickly growing demand for electric cars in the country.
Infineon and SAIC will set up a joint company to produce power modules for Chinese manufacturers of electric cars and plug-in hybrids, jointly investing at least 100 million euros (S$162 million) and hiring 250 people to expand Infineon's chip factory in Wuxi.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UBS weighs synthetic risk transfer amid capital boost proposals
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
Europe: Stoxx 600 logs best day in three months as banks shine
US: Stocks rally after strong tech results