STMicroelectronics said on the 27th that it plans to invest $3.4 billion to $3.6 billion in 2022, doubling the $1.8 billion investment in 2021. The 2022 investment includes the construction of the first production line at a new 12-inch fab in Agrate, Italy.

ST's chief executive, Jean-Marc Chery, said on a conference call that chip shortages in the auto industry are expected to continue, and he doesn't see any signs of inventory building.

STMicroelectronics said its fourth-quarter 2021 net profit beat expectations, driven by high demand. The company's largest customers include Tesla and Apple, and it expects net income this year to be between $14.8 billion and $15.3 billion, a 20% increase.