Report: Bosch Plans €1 Billion Chip Plant in Germany

Robert Bosch GmbH plans to erect a €1 billion ($1.1 billion) semiconductor plant in Dresden, Germany, a source tells Reuters.

The facility will employ 700 people when it opens in 2021, according to the news service. It says the project will be funded in part by the German government and EU.

The plant is expected to make chips that will be used in self-driving cars and interconnected industrial equipment. Reuters notes that Bosch already operates the chip-making plant in Reutlingen.