Tesla has teamed up with automotive company Annex Semiconductor to set up an auto chip joint venture (JV) in China, as the US electric vehicle (EV) giant pushes into the country’s semiconductor sector amid Beijing’s promotion of the domestic industry, reports the South China Morning Post. The JV, Anas Semiconductor (Jinan), is based in eastern Shandong province and was established on October 19 with a registered capital of $150 million. The JV is expected to supply automotive chip and electronics solutions.
Annex is among the global leaders in automotive system-on-chip, microcontroller and processor, image sensor, and power device products that support assisted and autonomous driving, according to its website.
Annex has a controlling stake of 55% stake in the JV, Tesla has 5% for now, while Jinan Zurich Annecy Equity Investment Fund Partnership controls 40%, according to records on the business registry records website Qichacha and Chinese media reports.
You must log in to post a comment.