ON Semiconductor cuts about 170 jobs in the Czech Republic, raising concerns about investment prospects

Due to the decline in chip demand in the automotive industry, US chip maker ON Semiconductor plans to lay off about 170 employees in the Czech Republic. The company announced last year a plan to invest $2 billion in its Roznov plant in the Czech Republic, but whether this plan can be realized is now questioned by the outside world. ON Semiconductor said they are working with the European Commission and the Czech government to apply for public subsidies.