Bosch to invest $3 billion in chip production

• The company said supply bottlenecks will last till 2023 for some types of chips

Bosch announced on Wednesday it would invest 3 billion euros, or $3.01 billion, in chip production by 2026.

“We’re gearing up for continued growth in demand for semiconductors – also for the benefit of our customers,” said Chief executive Stefan Hartung.

The company said it plans to use 170 million euros towards construction of new development centres in Germany and 250 million euros towards expanding its wafer fab in Dresden.

Bosch expects supply bottlenecks to ease in 2022 but said it will last till 2023 for some types of chips.

Picture Credits: Reuters

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