The costs for the new Samsung chip factory in Texas have soared to over $25 billion. The company has already spent roughly half of the original $17 billion budget as it rushes to complete the factory by 2024 and start production by 2025.
The skyrocketing costs are mostly due to construction materials such as steel shooting up in price since construction began last year, according to a Reuters report."The higher construction cost is about 80% of the cost increase," one insider said."The materials have gotten more expensive."
The new $25 billion figure means that the single facility will have cost more than half of all the company's operations in the United States since 1978 combined, according to Samsung's website. Several leading Republicans enthusiastically endorsed the plant for reasons ranging from job growth to national security.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Samsung's new Texas chip plant cost rises above $25 billion -sourcesA chip plant that South Korea's Samsung Electronics Co Ltd is building in Taylor, Texas, will cost the world's biggest memory chipmaker over $25 billion, up more than $8 billion from initial forecasts, according to two people familiar with the matter.
Read more »
The 25 best items to buy on Amazon for under $25 in 2023Budget-friendly shopping, it’s nice to meet you.
Read more »
Anchorage man defrauded $25 million from 130 people, federal charge saysAn Anchorage man is accused of defrauding $25 million from 130 people who believed he was successfully investing their funds, a federal charge says.
Read more »
Startup Jellysmack to spend $25 million on kids, family influencersInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
After leaving Ledger, former chief of staff aims to raise $25 million fund for NFT artLedger's former chief of staff is eyeing a $25 million NFT fund that will acquire 'culturally impactful' blockchain artwork.
Read more »
Do the Samsung Galaxy A54 and the Samsung Galaxy A34 have microSD card slots?Both phones come with only up to 256GB of storage space, so they must also offer expandable storage, right?
Read more »