EU funding to boost the region's semiconductor industry under the European Chips Act is nowhere near enough investment to meet the targets set for 2030, according to the head of one of its largest chip companies.
The warning comes from Kurt Sievers, chief executive officer of Netherlands-based chipmaker NXP Semiconductors, who said the amount of funding the EU wants to invest into the semiconductor industry simply won't enable it reach the self-declared target of claiming a 20 percent share of the global semiconductor market by 2030.
Speaking at the Global Foundries Technical Summit in Dresden, Germany, Sievers said it would require hundreds of billions of euros to be able to make this target, according to
Politico, much more than the €43 billion (c $42 billion) that was put forward when the European Chips Act was
announced in February.
"We have calculated that we would need €500 billion investment in Europe to reach the 20 percent market share goal formulated in the EU Chips Act," the boss of NXP, which makes
NFC chips for many of the contactless transport cards in Europe, is quoted as saying.
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