EU’s chip production plan aim to ease dependency on Asia

BRUSSELS (AP) — The European Union is announcing a $48 billion plan to become a major microchip producer to try to curb its dependency on Asian markets for the component that powers everything from cars to game consoles. As reliance on Russia for energy shows the political risks of economic dependency, the 27-nation bloc is moving to boost its economic self-sufficiency in the critical semiconductor sector. Over the past year, there has been a supply chain bottleneck for semiconductors that go into everything from passenger cars to entertainment products. In Europe, some consumers have had to wait nearly a year to get a car because of lack of spare parts.