Intel to invest billions in new chip-making factory; Kahlon: This unprecedented decision will bring thousands of jobs to the south.
Intel Corp confirmed it will invest over $10 billion in a new chip-making factory in Israel.
Intel and Israel’s Minister of Finance, Moshe Kahlon, confirmed on Tuesday that Intel has invested to expand its fabrication operations in Kiryat Gat, Israel, which will include an additional factory in Israel’s south. Kahlon took to Twitter to confirm this morning, “We have been working on this for a year and here are the results: Intel’s global management has informed us this evening about their decision to invest another NIS 40 billion in Israel. This unprecedented decision will bring thousands of jobs to the south. This is massive news for everybody who cares about Israel, the Israeli economy and Israel’s citizens.”
Intel announced efforts to increase investments and expand globally in December of last year. New fabrication sites have been confirmed in Israel, China and the United States. Intel reported in May 2018 that it intended to invest around $5 billion on its existing Kiryat Gat factories.
In March of 2017, Intel Corp bought Israel’s Mobileye, the autonomous vehicle technology company. The major deal, worth over $15 billion, was Israel’s last massive acquisition of Israeli technology by foreign investors. Intel also moved its automotive driving division to Israel last year to be managed by Mobileye’s CTO and co-founder, Amnon Shashua.
Mobileye has been a world-leading innovator of automotive technologies, including sensor fusion, advanced automobile camera tech, the Mobileye mono-camera, and mapping technologies. The company has been universally leading in driving safety with its Automatic Emergency Braking and Lane Keeping Intelligence. It is best known for its Advanced Driver Assist Systems (ADAS) and Full Autonomous Vehicles, the company working with Intel in collaboration with BMW since 2016 to produce and test the world’s first fully self-driving vehicles later this year. Mobileye is expected to deliver fully autonomous vehicles by 2021.