SAIC Motor Corp., a Chinese automobile manufacturer, has announced a 6 billion Chinese yuan ($872.6 million) auto chip fund.
As part of the deal, the fund will partner with Shanghai Industrial Technology Research Institute to find an automotive semiconductor engineering center.
With the new capital, the vehicle will be dedicated to the automotive semiconductor ecosystem, focusing on six sectors of automotive integrated circuits.
Furthermore, the six sectors to be targeted include power switch, power management, battery management, smart cockpit, connectivity and sensing.