South Korea's SK Hynix Inc on Thursday said it would spend $107 billion building four factories, as the memory chip maker seeks to maintain its competitiveness in the face of Chinese efforts to become a leading chipmaking nation. The chip fabrication plants will be built on a 4.5 million square meter site south of Seoul beginning 2022, complementing two existing domestic factories that will receive a separate 55 trillion won ($49 billion) investment over the next decade. The plans for the factories, producing DRAM and next-generation chips, come as chipmakers prepare for a surge in demand to power new technology such as fifth-generation (5G) communication networks and artificial intelligence, even as a slowdown in smartphone sales kills off a two-year chip boom. "Though there is not enough chip demand for autonomous cars now, I believe there will be much more demand for self-driving vehicles in the next 10 years or as early as in 2023 or 2024," said analyst Kim Young-gun at Mirae Asset Daewoo.