Renesas To Reopen Chip Factory To Meet Ev Demand
Major Japanese semiconductor maker Renesas Electronics has announced it's going to reopen a closed plant to meet the growing demand for electric vehicles.
The factory is located in Yamanashi Prefecture, west of Tokyo. It was shut in 2014 as part of streamlining efforts amid a business slump. Company officials say they aim to restart production at the plant in 2024.
Renesas plans to spend about 90 billion yen, or 700 million dollars, to introduce new equipment.
The facility will produce power semiconductors that supply and manage electricity. Renesas says the reopening will double the company's output capacity of such chips.