Government News
SAIC Motor to set up USD838 million fund for 30% quota of China-made chips 2023-06-25
SAIC Motor, a major Chinese carmaker that aims to have 30 percent of the chips it uses to be domestically produced by 2025, will form an over CNY6.01 billion (USD838 million) semiconductor fund with its partners.
SAIC will invest CNY6 billion to have a 99.8 percent direct stake in the fund, and its three related partners will jointly invest CNY11 million (USD1.5 million) to own the remainder, the Shanghai-based firm said in a statement yesterday. The fund will invest in sub-funds or directly pour money into projects in upstream and downstream parts of the semiconductor industry, as well as smart electric vehicle chips.
The instrument of pooled capital will have a specialized management team to promote cross-industry investment to improve SAIC’s positioning in the chip industry. It will accelerate the development of China-made automotive chips, advance business collaboration along the industrial chain, and gain reasonable investment returns, per the car firm.
The owner of brands Roewe and Maxus has been striving to reduce its reliance on foreign hardware in recent years. Since January 2022, SAIC has formed several semiconductor industry investment funds worth billions of yuan each.
Last year, around 7 percent of the chips SAIC used were made in China while the firm aims to raise the ratio to exceed 10 percent this year, according to its executives who were answering investor questions last month. SAIC has invested in more than 20 semiconductor firms such as Horizon Robotics and Amlogic, public data show.
Source: Yicai
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