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    QUARTERLY FINANCIAL STATEMENT, MAY 08, 2024

    ANNUAL GENERAL MEETING, APRIL 24, 2024

    ANALYST AND INVESTOR CONFERENCE, MARCH 14, 2024

    QUARTERLY FINANCIAL STATEMENT, MAY 08, 2024 ANNUAL GENERAL MEETING, APRIL 24, 2024 ANALYST AND INVESTOR CONFERENCE, MARCH 14, 2024

    Vitesco Technologies Group AG: Vitesco Technologies and onsemi sign SiC long-term supply agreement and agree to invest in SiC technology capacity expansion

    EQS-News: Vitesco Technologies Group AG / Key word(s): Alliance
    Vitesco Technologies Group AG: Vitesco Technologies and onsemi sign SiC long-term supply agreement and agree to invest in SiC technology capacity expansion
    31.05.2023 / 10:00 CET/CEST
    The issuer is solely responsible for the content of this announcement.

    Vitesco Technologies and onsemi sign SiC long-term supply agreement and agree to invest in SiC technology capacity expansion
     

    • Vitesco Technologies is securing silicon carbide (SiC) supply capacity worth $1.9 billion (€1.75 billion), to enable the enormous growth in electrification
    • Vitesco Technologies is gaining access to this key semiconductor technology by providing an investment in production capacity of $250 million (€230 million) to onsemi
    • In addition to investing in production capacity, the two companies will collaborate to further optimize the traction inverter system 

     

    Regensburg (Germany), Scottsdale (Arizona, US), May 31, 2023. Vitesco Technologies and onsemi today announced a 10-year long-term supply agreement worth $1.9 billion (€1.75 billion) for silicon carbide (SiC) products to enable Vitesco Technologies’ ramp in electrification technologies. Vitesco Technologies, a leading international manufacturer of modern drive technologies and electrification solutions, is providing an investment of $250 million (€230 million) to onsemi for new equipment for SiC boule growth, wafer production and epitaxy to secure access to SiC capacity. The equipment will be used to produce SiC wafers to support Vitesco Technologies’ growing SiC demand. In parallel, onsemi, a leader in intelligent power and sensing technologies, will continue to invest substantially into end-to-end SiC supply chain.

    In addition, Vitesco Technologies and onsemi will collaborate on optimized customer solutions for Vitesco Technologies. onsemi’s highly efficient EliteSiC MOSFETs will be used by Vitesco Technologies to execute the recent orders as well as future projects for traction inverters and electric vehicle drives.

    “Energy-efficient silicon carbide power semiconductors are at the beginning of a big surge in demand. That is why it is imperative for us to get access to the complete SiC value chain together with onsemi. With this investment we have a secure supply of a key technology over the next ten years and beyond,” said Andreas Wolf, CEO of Vitesco Technologies.

    Hassane El-Khoury, president and CEO of onsemi, commented: “This collaboration will enable Vitesco Technologies to address their customers’ demand for longer range and higher performance in electric vehicles. onsemi provides superior performance and quality, supply assurance, and manufacturing at scale of SiC technologies based on decades of experience in manufacturing power semiconductor products in high volume automotive applications.”

    SiC semiconductors are a pivotal technology for electrification enabling highly efficient power electronics leading to reduced charging times and longer range for electric cars. Especially at high voltage levels such as 800 V, SiC inverters are more efficient than silicon models. Since 800 V is the prerequisite for fast and thus convenient high-voltage charging, SiC devices are at the beginning of a worldwide boom. 
     

    ###

     

    Vitesco Technologies is a leading international developer and manufacturer of cutting-edge drive systems for sustainable mobility. With intelligent system solutions and components for electric, hybrid, and internal combustion drive systems, Vitesco Technologies is making mobility clean, efficient, and affordable. The product portfolio includes electric drives, electronic controls, sensors and actuators, and exhaust gas treatment solutions. In 2022, Vitesco Technologies generated sales of around €9.07 billion and employs a workforce of around 38,000 employees at 50 locations. Vitesco Technologies is headquartered in Regensburg, Germany.

     

    onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way to creating a safer, cleaner, and smarter world. onsemi is recognized as a Fortune 500® company and included in the S&P 500® index. Learn more about onsemi at www.onsemi.com.

     

    Contact for Investors

    Heiko Eber

    Head of Investor Relations

    Telefon +49 941 2031 72348

    Heiko.Eber@vitesco.com

     

    Press contact 

    Simone Geldhäuser 

    Head of Media Relations

    Vitesco Technologies

    Phone: +49 (0) 941 2031 61302 

    simone.geldhaeuser@vitesco.com 

     

    Krystal Heaton

    Director and Head of Public Relations

    onsemi

    Phone: +1 480 242 6943

    krystal.heaton@onsemi.com
     

    Parag Agarwal

    Vice President - Investor Relations & Corporate Development

    onsemi

    Phone: +1 602 244 3437

    investor@onsemi.com

     

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    https://www.vitesco-technologies.com/en-en/press

     

    Social media

    www.vitesco-technologies.com

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    www.vitesco-technologies.com/en/WeChat

     



    31.05.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.

    The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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