Illustration by Alex Castro / The Verge
The European Union has approved a €43 billion ($47.5 billion) plan to develop more fabs and increase semiconductor production in the region. The move will aim to double the EU’s global market share from 10 percent to “at least” 20 percent by 2030, according to a European Council press release.
“In the long run, this will also contribute to the renaissance of our industry and the reduction of our foreign dependencies,” Héctor Gómez Hernández, Spanish minister for industry, trade, and tourism, said in a statement. The Chips Act is meant to attract more investment and elevate research in Europe so that the bloc can be ready for future semiconductor shortages and be less reliant on foreign chips.
The news comes more than a year after the EU…