Samsung boosts investments in non-memory chips to $151 billion

On Thursday, in a statement Samsung Electronics stated, it has raised its planned investment in non-memory chips to $151 billion (171 trillion won) through 2030, in a development that sees the company joining its peers in ramping up investments in the sector midst a global shortage in semiconductors. Samsung’s has increased its investment target from…

Lidar sensor maker Innovusion raises $64M in latest funding

In a statement lidar sensor maker Innovusion said, it had raised $64 million to ramp up production and supply Chinese electric vehicle (EV) maker Nio Inc’s ET7 sedan, which is scheduled to start deliveries in early 2022. The funding includes new investments from Singapore state investor Temasek and venture capital firm Joy Capital. Existing investors also…

Japan plans on eliminating gas powered vehicles by mid-2030s, ramps up renewable energy investments

On Friday, in a significant development, the Japanese government said it aims to eliminate gasoline-powered vehicles in the country in the next 15 years so as to reach net zero carbon emissions and generate nearly $2 trillion a year in green growth by 2050. The “green growth strategy,” sees an increased adoption of hydrogen in…

Turkish electric car project to see investment of $3.7 billion

On Friday, Turkey’s official gazette stated, its new domestic electric car project will receive a fixed investment of $3.7 billion (22 billion lira) over a period of 13 years, and will have an annual production capacity of 175,000 vehicles. Its new domestic electric car project, launched on October 30, will receive state support, including tax…