Intel Corp. will invest an additional $600 million in Israel to expand research and development. The company also announced on Sunday that it is building a new chip plant in the country at a cost to Intel of $10 billion.
Intel CEO Pat Gelsinger made the announcements Sunday during a one-day visit to Israel, Reuters reported.
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Some $400 million will be used to convert its Jerusalem Mobileye unit into a research and development campus working to develop technologies for self-driving cars. An additional $200 million will construct a research and development center in the northern Israeli city of Haifa. The company already has a development center in the port city.
Israel is providing Intel with a $1 billion grant toward the chip plant, according to the report. The company has purchased three Israeli companies in recent years: Mobileye in 2017; intelligence chip maker Habana Labs Ltd. in 2019, and navigation technology startup Moovit Inc. in 2020.