STMicroelectronics, Soitec Consolidate Partnership For Volume Ramp Up Of EV Chip Production
Global semiconductor leader STMicroelectronics N.V. (NYSE: STM) and Soitec (OTC: SLOIF) (OTC: SLOIY) disclosed the next stage of their cooperation on Silicon Carbide (SiC) substrates.
The deal included the qualification of Soitec's SiC substrate technology by STMicroelectronics, planned over the next 18 months.
STMicroelectronics aims to adopt Soitec's SmartSiC technology for its future 200mm substrate manufacturing, feeding its devices and modules manufacturing business, with volume production likely in the midterm.
"The transition to 200mm SiC wafers will bring substantial advantages to our automotive and industrial customers as they accelerate the transition toward electrification of their systems and products. It is important in driving economies of scale as product volumes ramp," said Marco Monti, President Automotive and Discrete Group, STMicroelectronics.
STMicroelectronics reported third-quarter FY22 revenue growth of 35.2% year-on-year to $4.32 billion, beating the consensus of $4.24 billion. EPS of $1.16 beat the consensus of $1.04.
Automotive and Discrete Group (ADG) revenue rose 55.5% Y/Y to $1.56 billion. Analog, MEMS, and Sensors Group (AMS) revenue increased by 9.7% Y/Y to $1.38 billion. Microcontrollers and Digital ICs Group (MDG) revenue grew 47.7% Y/Y to $1.37 billion.
Price Action: STM shares closed higher by 5.34% at $58.88 on Wednesday.
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