Benzinga | Jun 2, 2021 06:47AM EDT

NXP to Mass Produce Two Automotive Processors Under TSM's 16-NM Technology

* NXP Semiconductors NV (NASDAQ:NXPI) and Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) announced the mass production readiness of NXP's S32G2 vehicle network processors and the S32R294 radar processor under TSM's 16-nm FinFET process technology.

* NXP's release of 16nm processors for radar and vehicle networking will turn cars into intelligent, connected robots on wheels that were safe, secure, and enjoyable, NXP CEO Kurt Sievers said.

* Sievers also announced the mass release of NXP's both processors.

* TSM's portfolio of automotive process technologies and services help to make cars safer, smarter, and greener," TSM CEO Dr. C.C. Wei said.

* The semiconductor chip crisis is estimated to cost the auto industry $110 billion in lost revenue for 2021.

* Price action: NXPI shares closed lower by 1.66% at $207.91 on Tuesday.