Aims to occupy 40% of the automotive SiC chip market by 2027, and on Semiconductor invests US $2 billion to expand its plant.

CTOnews.com May 18 news, ON Semiconductor said it will invest 2 billion US dollars to expand existing factories, the goal is to occupy 40% of the global automotive silicon carbide (SiC) chip market.

ON Semiconductor currently has plants in the United States, Czech Republic and South Korea, where SiC chips are already being produced.

The report did not mention which factory ON Semiconductor will expand. ON Semiconductor plans to build a complete industrial chain to realize the full process independent control from SiC powder to finished products.

ON Semiconductor expects to capture 40% of the global silicon carbide automotive chip market by 2027. Experts also said that by 2027, ON Semiconductor's sales are expected to grow from $8.3 billion in 2022 (CTOnews.com Note: currently about 58.1 billion yuan) to $13.9 billion (currently about 97.3 billion yuan).