May 14, 2021 13:55
Samsung on Thursday said that it will spend hundreds of trillions to expand semiconductor manufacture by 2030.
It plans to build two chip factories in the U.S. at a cost of some US$17 billion to meet exploding demand from car and tech companies there. It already has one in Austin, Texas.
The electronics giant will attend a meeting of global businesses called by the U.S. commerce secretary next week on the worldwide shortage of semiconductors.
The virtual meeting takes place on May 20, a day ahead of the President Moon Jae-in's meeting with his U.S. counterpart Joe Biden in Washington. Other participants include Intel and Taiwan Semiconductor Manufacturing Company as well as automakers Ford and GM and tech giants Amazon and Google.
Other global chipmakers are also expanding their manufacturing capacities. TSMC plans to invest $36 billion to set up six factories in the U.S.
Meanwhile, Hyundai and affiliate Kia will invest $7.4 billion in the U.S. over the next five years to boost future businesses like electric cars, aerial vehicles, hydrogen fuel cells, robotics and self-driving cars.
Korean companies are scrambling to keep up in the world's largest market as the Biden administration has committed to a "made in America" policy to revive lost manufacturing glory.
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