HTC may be looking to follow in Samsung and Apple’s footsteps in developing its own processors, according to a rumor from China Times. The Taiwanese vendor has reportedly signed a “memorandum of cooperation” with ST-Ericsson to co-develop a new dedicated chip for low-end smartphones that will come out in 2013. The joint venture will help HTC reduce its reliance on Qualcomm and NVIDIA processors, which are predominantly featured in the company’s current smartphone offerings. HTC, which has seen slumping sales, focused previously on the high-end market. The company’s market share has declined by more than 60% in the past five months, however, forcing the manufacturer to rethink its mobile strategy.