Wolfspeed Plans Multi-Billion Dollar Chip Factory In Germany - Report

U.S. power chip maker Wolfspeed Inc is planning to build a factory in Germany for more than 2 billion euros ($2.17 billion), Handelsblatt reported on Saturday.

The German auto supplier ZF will hold a minority stake, the business newspaper said, citing unidentified sources familiar with the project.

Production should begin in four years at the site in the small southwest German state of Saarland, the report added.

A spokesperson for the economics ministry of Saarland declined to comment.

Wolfspeed didn't immediately respond to requests for comment outside of normal business hours. ZF declined to comment.

Intel last year named Magdeburg, Germany, as the site for its new mega chip manufacturing complex, a key part of its $88 billion investment drive across Europe.