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Lucid Motors Integrates Wolfspeed’s Silicon Carbide Semiconductors into the Award-Winning Lucid Air
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Wolfspeed (NYSE: WOLF) announced a multiyear agreement with Lucid Motors to supply Silicon Carbide power devices for the Lucid Air, enhancing its performance and energy efficiency. This partnership leverages Wolfspeed's advanced Silicon Carbide technology, produced at the new Mohawk Valley Fab in New York, set to be the world's largest 200mm fabrication facility, improving production capacity. CEO Gregg Lowe emphasized the role of Silicon Carbide in advancing electric vehicle technology.
Positive
Multiyear agreement with Lucid Motors bolsters Wolfspeed's market position.
Access to increased production capacity from the new Mohawk Valley Fab.
Silicon Carbide technology enhances performance and efficiency of Lucid Air.
Negative
Risks associated with the construction and ramp-up of the new fabrication facility.
Potential yield and quality control issues could impact production.
Competition from rapidly developing technologies may affect demand for products.
Company’s Silicon Carbide Power Devices Help Lucid Air Achieve Industry-Leading Performance and Energy Efficiency
DURHAM, N.C.--(BUSINESS WIRE)--
Wolfspeed (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced that Lucid Motors deploys its Silicon Carbide power device solutions in the automaker’s high-performance, pure-electric car – the Lucid Air. Wolfspeed and Lucid have a multiyear agreement for Wolfspeed to produce and supply Silicon Carbide devices.
Automotive Qualified 1200V Silicon Carbide XM3 Half-Bridge Power Module from Wolfspeed. (Photo: Business Wire)
“Lucid’s proprietary powertrain technology – engineered and produced in-house – is at the core of what makes Lucid Air the most advanced and most efficient luxury electric vehicle in the world,” said Eric Bach, Senior Vice President of Product and Chief Engineer at Lucid. “With the perfect blend of high performance and high efficiency, Wolfspeed’s innovative Silicon Carbide MOSFET power semiconductors are an ideal fit for Lucid’s advanced technology.”
The award-winning Lucid Air will be supplied by Wolfspeed’s advanced, Silicon Carbide semiconductors from its state-of-the-art Mohawk Valley Fab in Marcy, NY. Set to open April 25, the facility will be the world’s largest 200-millimeter Silicon Carbide fabrication facility and dramatically expand production capacity for Wolfspeed’s power devices. This partnership gives Lucid access to increased capacity to better support their long-term automotive production.
“Lucid Motors is an emerging leader in not only electric vehicles, but the entire automotive industry,” said Gregg Lowe, CEO of Wolfspeed. “As the world advances towards an all-electric future for transportation, Silicon Carbide technology is at the forefront of the industry’s transition to EVs, enabling superior performance, range and charge time. Our investment in the Mohawk Valley Fab ensures our customers, including Lucid, have access to the advanced products they need to deliver innovative solutions to the market.”
Lucid Air's inverters feature Wolfspeed's XM3 Silicon Carbide power modules. With low switching losses, minimal resistance, and high power density, the XM3 power modules contribute to the efficiency and power density of Lucid's 163-lb, 670-hp (74kg 500kW) electric motor.
About Wolfspeed, Inc.:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
Forward Looking Statements:
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking statements. Actual results could differ materially due to a number of factors, including the risks associated with construction of a new device fabrication facility, including issues related to installing and qualifying new equipment, potential production process yield and quality control deviations, and potential unanticipated increases in costs or decreases in output; the risk Wolfspeed may encounter delays or other difficulties in ramping up production of its capacity to supply these products; the risk that Wolfspeed may be unable to manufacture these products with sufficiently low cost to offer them at competitive prices or with acceptable margins; customer acceptance of these new products; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 2021, and subsequent filings.
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
What is the significance of Wolfspeed's agreement with Lucid Motors for the stock WOLF?
The agreement solidifies Wolfspeed's position in the electric vehicle market by supplying critical technology for Lucid's luxury electric cars.
How does Wolfspeed's new Mohawk Valley Fab impact its production capacity?
The new facility will be the largest of its kind, significantly enhancing Wolfspeed's production capacity for Silicon Carbide devices, crucial for electric vehicle performance.
What technology is Wolfspeed providing to Lucid for the Lucid Air?
Wolfspeed is supplying its advanced Silicon Carbide power devices, which contribute to the Lucid Air's high efficiency and performance.
What risks does Wolfspeed face with its new fabrication facility?
Wolfspeed faces risks related to production ramp-up, including potential yield issues, quality control, and cost management that might affect profitability.
