PRAGUE (AP) -- The U.S. chipmaker onsemi is planning a multi-year investment of up $2 billion in its production facility in the Czech Republic, the company and the Czech government said on Wednesday.

The government said the money will be invested in the company's existing production facility in the eastern Czech town of Roznov pod Radhostem. It's the biggest single foreign investment in the country since the split of Czechoslovakia in 1993.

The company based in Scottsdale, Arizona, currently produces 10 million chips a day in Roznov. The investment would increase production by hundreds of percent, the government said. It said the number of jobs created in Roznov will increase to 3,000 from the current 1,700.

The company said the move "would solidify advanced power semiconductor supply chain for its European and global customer base."

"The site would produce the company's intelligent power semiconductors that are essential for improving the energy efficiency of applications in electric vehicles, renewable energy and AI data centers," it said in a statement.

The car industry is a key part of the Czech economy. Germany's Volkswagen that owns Skoda Auto, the country's biggest export company, is a strategic partner for onsemi.

The Czech government said it will negotiate with onsemi about incentives it can offer to the company.