TODAY'S ASIA TECH: VinFast, Samsung, Toyota, Tencent
Jan.30,2024

Vietnamese electric car maker VinFast will invest in the Philippines this year.

Vingroup JSC (VIC), the parent company of VinFast, has proposed to invest in the Philippines, especially in electric vehicle battery production.

Vingroup said in a statement that the Philippines is a "top priority market" for its global expansion strategy, and that VinFast will establish a network of EV and motorcycle dealerships in the country this year.

Intel Corp. has replaced South Korea's Samsung Electronics as the world's largest semiconductor company in 2023, according to technology market research firm Counterpoint.

Revenue from Samsung Electronics' chip division plummeted from $70.2 billion in 2022 to $43.4 billion in 2023, a sharp 38% year-on-year decline due to the memory sector downtrend and Samsung's failure to attract customers for its advanced chip manufacturing processes, according to the latest data from Counterpoint.

Samsung rival Intel reported a 15% drop in revenue from $59.8 billion in 2022 to $50.5 billion in 2023.

In contrast, while Intel's revenues also declined, the drop was not as severe as Samsung's, so the U.S. chipmaker managed to overtake Samsung to take the top spot in the global chip market in 2023.

South Korean AI chip maker Rebellions announced on Tuesday that it has secured $124 million in funding to accelerate the development of its next-generation AI chip.

The round makes Rebellions the most-funded semiconductor startup in South Korea, with a total funding of more than $200 million.

Toyota Motor has decided to suspend operations of six production lines at four Japanese plants until this Thursday, affected by diesel engine certification Irregularities at Toyota Industries Corp. (TICO).

Tencent Holdings Ltd.'s (0700.HK) founder and Chief Executive Officer Pony Ma said Monday that games going overseas is Tencent's biggest hope for internationalisation right now.

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