Power chip companies Renesas (RNECY), Infineon (IFNNY), and others are cutting jobs and spending, as disappointing EV market growth leaves them saddled with excess capacity, Nikkei Asia’s Ryo Mukano and Yuka Konishi report. Layoffs at Renesas could run “into the hundreds,” and the company has postponed large-scale power semiconductor production that was expected to start early this year, according to the report.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IFNNY:
- Infineon Technologies AG: Positioned for Strong Growth with Strategic Market Leadership and Innovation
- SkyWater buys Infineon’s Austin fab, establishing supply deal for foundry
- EU approves EUR 920M German aid for Infineon chip plant
- Intel price target raised to $29 from $22 at Cantor Fitzgerald
- Infineon Technologies Ag: Cautiously Optimistic Earnings Call