Jan. 30, 2023 /SemiMedia/ -- STMicroelectronics recently announced that it plans to invest about $4 billion this year to expand its 12-inch fab and increase its silicon carbide manufacturing capacity.

STMicroelectronics President and CEO Jean-Marc Chery said that throughout 2023, the company will continue to implement its original strategy, focusing on the automotive and industrial sectors.

Jean-Marc pointed out that in 2023, it plans to invest about $4 billion in capital expenditure, mainly for the expansion of 12-inch fabs and the increase of silicon carbide manufacturing capacity, including plans for substrates. Jean-Marc believes that based on strong customer demand and increased manufacturing capacity, the company's full-year net income in 2023 will be between $16.8 billion and $17.8 billion, with a year-on-year growth rate of between 4% and 10%.