Magna to integrate onsemi EliteSiC into its
traction inverter solutions to improve range and efficiency of
electric vehicles
onsemi (Nasdaq: ON), a leader in intelligent power and
sensing technologies, and Magna (NYSE: MGA; TSX: MG), a mobility
technology company and one of the world’s largest automotive
suppliers, announced a long-term supply agreement (LTSA) for Magna
to integrate onsemi’s EliteSiC intelligent power solutions into its
eDrive systems.
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onsemi's EliteSiC MOSFET technology will
improve the overall performance of Magna's eDrive systems.
(Graphic: Business Wire)
By integrating onsemi’s industry-leading EliteSiC MOSFET
technology, Magna eDrive systems can offer better cooling
performance and faster acceleration and charging rates, improving
efficiency and increasing the range of electric vehicles (EVs).
Additionally, onsemi’s end-to-end silicon carbide (SiC)
manufacturing capability, combined with its ability to ramp
production quickly, improves Magna’s vertical integration and
simplifies its supply chain to meet the growing demand for its
SiC-based products for EVs.
“With range anxiety still a top deterrent to EV adoption, our
technology enables Magna to go further, easing the transition to an
electrified future,” said Asif Jakwani, senior vice president and
general manager, Advanced Power Division, onsemi. “Our latest
EliteSiC MOSFET technology enables increased power density and
higher efficiency in traction inverters, resulting in improved
gas-equivalent miles per gallon without compromising driving
dynamics and safety.”
Simultaneous with the signing of the LTSA, the companies entered
a separate agreement for Magna to also invest approximately $40
million for the procurement of new SiC equipment at onsemi’s New
Hampshire and Czech Republic facilities to ensure access to future
supply.
“We believe that a secure supply of silicon carbide chips will
be critical to our ability to continue delivering innovative and
efficient eDrive systems for our customers,” said Diba Ilunga,
president Magna Powertrain. “Accordingly, we are both investing to
grow SiC production capacity, and establishing the commercial basis
for long-term supply of SiC-based chips to advance our
electrification strategy and outpace the competition.”
Silicon carbide is a wide bandgap semiconductor substrate that
is ideal for high-temperature, high-power applications such as
electric vehicles, but it is incredibly difficult to produce. With
a limited number of manufacturers and significant demand for
SiC-based designs, OEMs and automotive suppliers are increasingly
looking to secure long-term, reliable supply.
onsemi’s Caution Regarding Forward-Looking
Statements:
This press release contains “forward-looking statements,” as
that term is defined in Section 27A of the Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934,
as amended. Forward-looking statements are often characterized by
the use of words such as “believes,” “estimates,” “expects,”
“projects,” “may,” “will,” “intends,” “plans,” “should,” or
“anticipates,” and similar expressions. However, all statements,
other than statements of historical facts, could be deemed
forward-looking statements. All forward-looking statements in this
press release are made based on onsemi’s current expectations,
forecasts, estimates and assumptions, and involve risks,
uncertainties and other factors that could cause results or events
to differ materially from those expressed in the forward-looking
statements. Additional factors that could cause results to differ
materially from those projected in the forward-looking statements
are contained in onsemi’s Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and other of
onsemi’s filings with the SEC, respectively. onsemi assumes no
obligation to update such information, except as may be required by
law.
About onsemi
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
Nasdaq-100 Index® and S&P 500® index. Learn more about onsemi
at www.onsemi.com.
onsemi and the onsemi logo are trademarks of Semiconductor
Components Industries, LLC. All other brand and product names
appearing in this document are registered trademarks or trademarks
of their respective holders.
About Magna
Magna is more than one of the world’s largest suppliers in the
automotive space. We are a mobility technology company built to
innovate, with a global, entrepreneurial-minded team of over
171,000 employees across 341 manufacturing operations and 88
product development, engineering and sales centres spanning 29
countries. With 65+ years of expertise, our ecosystem of
interconnected products combined with our complete vehicle
expertise uniquely positions us to advance mobility in an expanded
transportation landscape. For further information about Magna
(NYSE: MGA; TSX:MG), please visit http://www.magna.com or follow us
on social.
Magna’s Forward-Looking Statements:
THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE
“FORWARD-LOOKING STATEMENTS” UNDER APPLICABLE SECURITIES
LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE
CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA’S REGULATORY
FILINGS. PLEASE REFER TO MAGNA’S MOST CURRENT MANAGEMENT’S
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL
POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F,
AS REPLACED OR UPDATED BY ANY OF MAGNA’S SUBSEQUENT REGULATORY
FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE
RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY
FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE
DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA’S WEBSITE AT
WWW.MAGNA.COM.
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version on businesswire.com: https://www.businesswire.com/news/home/20230727617823/en/
onsemi
Krystal Heaton Director, Head of Public Relations (480)
242-6943 Krystal.Heaton@onsemi.com
Parag Agarwal Vice President - Investor Relations &
Corporate Development (602) 244-3437 investor@onsemi.com
Magna
Tracy Fuerst Vice President, Corporate Communications
& PR (248) 761-7004 tracy.fuerst@magna.com
Magna (NYSE:MGA)
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