EU ‘off the pace' in global microchip race: auditors
The EU is lagging behind in the global race to produce microchips, and looks set to fall well short of its target to claim a fifth of the world's market, the bloc's auditors said Monday.
'The EU urgently needs a reality check in its strategy for the microchips sector,' said Annemie Turtelboom, a member of the European Court of Auditors.
'This is a fast-moving field, with intense geopolitical competition, and we are currently far off the pace needed to meet our ambitions.'
The disappointing outlook for the European Union comes despite Brussels passing a flagship Chips Act in 2023 aimed at bolstering production in the bloc.
Turtelboom said that at current growth rates, the EU was 'nowhere close' to reaching its target of having a 20% share of the global microchip market by 2030.
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