Wed, 01 Dec 2021

Samsung Electronics will reportedly announce the location of its new chip plant in the US as early as this week, shortly after the tech giant's Vice Chairman Jay Y. Lee returns to Korea after his trip to the country.

Lee met with state officials in Washington to discuss potential ways to overcome the continuing semiconductor supply shortage. They also discussed incentives to be offered to Samsung if the South Korean company builds a plant in the US, Yonhap said, citing unidentified people at the firm.

The Texan city of Taylor is reportedly believed to have an inside track for the new plant after offering incentives.

Samsung is understood to be considering a site next to its existing Austin facility, a site in Williamson County near Taylor, and sites in Phoenix, Arizona and Upstate New York. The company is reportedly planning to spend $17 billion on the US chip plant.

Lee left on November 14 for his first high-profile trip since serving jail time for bribery. The top executive met with Satya Nadella, chief executive officer at Microsoft, and Andy Jassy, CEO of Amazon, according to a statement issued by Samsung.

The fast-spreading shortage in semiconductors, which has hampered the production of everything from household electronics to cars, is projected to extend into 2022 and potentially beyond. The crisis will reportedly cost the global automotive industry alone $210 billion in revenue in 2021.

For more stories on economy & finance visit RT's business section

(RT.com)

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