On August 17th, Caixin reported that US chip manufacturer Texas Instruments announced on Friday (August 16th) that it will receive up to $1.6 billion in direct subsidies and $3 billion in loans from the US Department of Commerce to support its three new factories in the United States.
Currently, Texas Instruments' ongoing projects include a factory in Utah and two factories in Texas, which will create approximately 2000 manufacturing jobs and thousands of construction jobs.
The US Department of Commerce stated in a statement that the funds will be used to support the costs of these three factories, which are expected to cost approximately $18 billion by 2029.
In addition to the direct funding obtained from the Chip and Science Act, Texas Instruments also hopes to receive a 25% investment tax credit from the US Treasury Department. It is estimated that this could be equivalent to 6 billion to 8 billion US dollars.
Texas Instruments plans to invest a total of approximately $40 billion in these two states, including two other factories in Sherman, Texas.
The Chip Act is the most ambitious industrial policy attempt in the United States, which reserves $39 billion in direct subsidies, as well as $75 billion in tax credits, loans, and loan guarantees, hoping to persuade more companies to produce more semiconductors domestically.
As of now, Intel has received $19.5 billion in funding subsidies and loans; TSMC received $11.6 billion in subsidies and loans for its new factory in Arizona; Samsung receives up to $6.4 billion in factory building subsidies; SK Hynix received nearly $1 billion in direct subsidies and loans.