The planned increase to $3.8bn represents an almost doubling in capital spending, when compared to the $1.8 billion reported in 2021.
The investment will include building the first production line of a new 300mm wafer plant in Agrate, Italy, according to Chief Executive Officer Jean-Marc Chery.
STMicro, whose clients include electric carmaker Tesla and Apple , expects net revenues this year to come in somewhere between $14.8-15.3 billion, a 20% increase and the top of analysts' forecasts.
STMicro made fourth-quarter earnings per share of $0.82, beating analysts' average estimate of 69 cents per share, according to Refinitiv data. However, it sees first-quarter sales of around $3.5 billion, which would represent a fall of 1.6% from the previous quarter.
