Intel Corp will invest another $600 million in Israel to expand its R&D and confirmed it was spending $10 billion on a new chip plant. Intel is investing $400 million to turn its Mobileye unit headquartered in Jerusalem into an R&D campus for developing self-driving car technologies. Another $200 million will be invested in building an R&D centre, called IDC12, in the northern port city of Haifa next to its current development centre. Intel said the “mega chip design” facility will have a capacity of 6,000 employees. Intel has bought three Israeli tech companies-Mobileye in 2017 for more than $15 billion, artificial intelligence chipmaker Habana in 2019 for $2 billion and Moovit a year ago for $1 billion. Intel Israel’s exports grew to a record $8 billion in 2020 from $6.6 billion in 2019, accounting for 14% of total high-tech exports and 2% of Israel’s GDP. Intel is the largest employer of Israel’s high tech industry with nearly 14,000 workers.
Source: Economic Times