Li Auto is getting into the semiconductor business, local media Gasgoo reported on Monday, with the automaker setting up a joint venture with Chinese chip manufacturer San’an Optoelectronics in the eastern city of Suzhou last week. The companies plan to begin construction on a new plant to develop and produce auto chips in the city’s western New District in mid-June, with the facility scheduled to become operational in 2024. The report states the plant will have an annual production capacity of 2.4 million half-bridge gate drivers, a small integrated circuit product used in electric motors. A global semiconductor shortage has caused major disruption to auto supply chains and forced Chinese automakers to raise their prices in recent months. [Gasgoo, in Chinese]