Intel cancels Israeli chip factory plan, adjusts global investment layout
It is reported that Intel has cancelled its plan to build a chip factory in Kiryat Gate, Israel, and has notified its suppliers to stop supplying the necessary equipment and materials.
Intel originally planned to invest $25 billion to build a chip factory in Kiryat Gate, Israel, and the plan has received $3.2 billion in subsidies from the Israeli government, making it the largest corporate investment in Israeli history.
However, the latest report shows that Intel has cancelled this plan and notified its suppliers to stop supplying the necessary equipment and materials.
The Israeli Ministry of Finance has confirmed Intel's decision to stop building factories.
This move is related to Intel's recent adjustment of global investment layout, and some Israeli executives have been transferred to chip factories in Ohio, USA.
Intel did not respond positively to the news. Intel stated in a statement, "The production scope and expansion speed of Intel's factories around the world depend on a series of constantly changing factors. Managing projects of such scale, especially in our industry, often requires adjusting schedules. Our decisions are based on business conditions, market dynamics, and responsible capital management."
Intel also emphasized in its statement that Israel remains one of its key locations for global manufacturing and research and development. Currently, Intel operates four research and development centers and production bases in Israel, emphasizing its continued commitment to the development of the region.
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