Reported about 1 year ago
On June 13, chip manufacturing giant Onsemi announced a global cut of approximately 1,000 jobs to streamline operations and reduce costs, amidst challenges in the softening electric vehicle market and excess inventory. In addition to layoffs, Onsemi plans to consolidate 9 factories and redistribute another 300 employees. This move comes as Onsemi faces slow recovery in chip demand. The company primarily manufactures the chips needed for electric vehicle transmission systems and driver assistance systems. Previously in 2023, Onsemi laid off about 1,900 employees to save costs, but its projected revenue and profit for the second quarter of 2024 still fall below analyst expectations made in April. Onsemi's silicon carbide chips also contribute to expanding electric vehicle range.
Source: YAHOO