Canon plans to price its new chipmaking gear at a fraction of the cost of ASML Holding¡¯s best lithography machines, seeking to make inroads into the cutting-edge equipment now playing a central role in U.S.-China tech rivalry.

The Tokyo-based company¡¯s new nano-imprint technology would open up a way for smaller semiconductor manufacturers to produce advanced chips, now almost wholly the domain of the sector¡¯s biggest firms, CEO Fujio Mitarai said.

¡°The price will have one digit less than ASML¡¯s EUVs,¡± said the 88-year-old, referring to extreme ultraviolet lithography. Mitarai is now on his third stint as Canon¡¯s president after last stepping back from day-to-day operations in 2016. He added that a final pricing decision hasn¡¯t been made.