STMicroelectronics CEO says China is a growth market despite US chip war
Technology
STMicroelectronics CEO says China is a growth market despite US chip war
AMSTERDAM (Reuters) - China remains an important growth market for French-Italian semiconductor STMicroelectronics, despite increasing tensions with the U.S. over semiconductors, the company's chief executive said on Tuesday.
"For us, it is a risk for sure to have seen this massive investment" by Chinese chipmakers in older generations of computer chips, said CEO Jean-Marc Chery at a Citi technology conference in London, referring to plans by Chinese rivals to expand production.
But he said the company's strategy of investing in local production, including its joint venture with Sanan Optoelectronics(600703.SS) to produce silicon carbide-based chips, will ensure the company's growth.
"China is today 15% of our revenue. We know that in some markets like silicon carbide, China will be the fastest-growing market. So our China penetration will increase," he said.
