Intel Corp., a Silicon Valley-based semiconductor and microprocessor maker, will set up a $ 600 million R&D center in Israel.
Report informs, citing foreign media, that only $ 200 million will be spent on the Mega Chip Design Center to be built in Haifa, Israel.
"The $ 400 million will be used to turn Mobileye, a subsidiary of the company that develops driverless cars and driver assistance systems in Jerusalem, into an R&D center. The remaining $ 200 million will be spent on a 'mega chip design center' in Haifa," said Pat Gelsinger, CEO of Intel.
Intel bought Israeli-based Mobileye in 2017 for $ 15.3 billion. After that, Intel purchased other Israeli-based technology companies Habana Labs for $ 2 billion and Moovit for $ 900 million.