Benzinga | Sep 7, 2021 01:49PM EDT

Intel Aims $95B Chip Plant In Europe, Sees Car Chip To Be Worth $115B, Plans Robotaxi Service

* Intel Corp (NASDAQ:INTC) is planning new chip-making facilities in Europe valued at up to $95 billion.

* Intel could raise the total investment over about a decade to up to 80 billion euros.

* CEO Pat Gelsinger said Intel is planning two chip factories at a new site in Europe to plug the demand surge for semiconductors in computers, cars and gadgets, the Wall Street Journal reports.

* Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) already committed $100 billion to the initiative. Samsung Electronics Co Ltd (OTC:SSNLF) recently earmarked $205 billion to the cause.

* Intel said it plans to commit an Ireland factory to the auto chip sector as the crisis continues to weigh on ord Motor Co (NYSE:F), General Motors Co (NYSE:GM) and Toyota Motor Corp (NYSE:TM).

* Gelsinger expects the market for car chips to more than double to $115 billion by the end of the decade.

* Intel's self-driving subsidiary Mobileye will begin a pilot of a robotaxi service in Israel and Germany in 2022 in collaboration with car-rental giant Sixt SE.

* The partnership could follow ride-sharing services across Germany and other European countries later this decade.

* INTC Price Action: Intel shares were trading 0.46% higher at $53.76 at last check Tuesday.