Benzinga | Sep 8, 2021 01:22PM EDT

Qualcomm Agrees To Work With Europe's Foundry Partners: Reuters

* Chipmaker Qualcomm Inc (NASDAQ:QCOM) CEO Cristiano Amon expressed his desire to collaborate with the European foundries, provided the continent's incentive programs to boost automotive chip production attract the right partners, Reuters reports from the IAA car show in Munich.

* Europe's foundries are focused on the mass production of semiconductors, Amon said. The EU is pushing for multibillion-dollar investments to double the continent's share of global chip production over the next decade to counter the automakers' chip crisis and overdependence on Asia.

* Qualcomm has been pushing into the car sector with chips that can simultaneously power dashboards and infotainment systems.

* Qualcomm peer Intel Corp (NASDAQ:INTC) has announced investments up to $95 billion in two major European chip plants and an Ireland plant dedicated to automakers.

* Amon met the CEOs of all major German carmakers and worked with 23 of the 26 global automotive brands. It recently forged deals with automakers like Renault SA (OTC:RNLSY) and General Motors Co (NYSE:GM).

* Amon expected to overcome the significant part of the chip crisis as it entered 2022 following initiatives to build manufacturing facilities with its suppliers.

* Price Action: QCOM shares traded lower by 1.18% at $142.05 on the last check Wednesday.