Vishay Intertechnology has announced a £250m investment in its semiconductor factory in Newport to revolutionise the production of electric vehicles.
The investment, in partnership with the UK Government, which is set to contribute tens of millions of pounds in support through its Automotive Transformation Fund, will amplify Vishay’s production of advanced silicon carbide semiconductors, a key tool in increasing the efficiency of electric vehicles.
The investment is part of Vishay’s wider plans to inject £1bn into the creation of new jobs. With this boost, staff numbers are set to increase to 900 by 2030, with the jobs projected to pay 50% more than the region’s average salary rate.
First Minister of Wales, Eluned Morgan, said:
“Compound semiconductors are small but vital bits of our everyday lives and Wales is leading the way in their production and manufacture.
“I welcome the additional investment from the UK Government, which builds on the Welsh Government’s work over the last decade in supporting the growth of the semiconductor cluster. We are now reaping the rewards of our commitment, which we will continue to drive forward.”
Cllr Mary Ann Brocklesby, Leader, Monmouthshire Council, and Chair, Cardiff Capital Region said:
“This significant investment into the South East Wales compound semiconductor sector displays great confidence and shows the value of investment in the region.
“We welcome the news of this investment to develop the cluster, which has been a priority of Cardiff Capital Region, Welsh and UK Governments for several years.
“It is tremendous to see the benefits this will bring to the region in creating highly skilled jobs, accelerating our progress in the UK Automotive industry, and positioning us as a competitor in not only UK investment, but also globally.”
