ELECTRONICS NEWS HIGHLIGHTS 08/29/2022

Electronics News Highlights 08/29/2022

1. NAVITAS ANNOUNCES ACQUISITION OF SIC COMPANY GENESIC

On August 15, Navitas Semiconductor announced the acquisition of GeneSiC Semiconductor for approximately $100 million in cash, 24.9 million shares of Navitas stock, and possibly as much as $25 million in earnings, subject to GeneSiC achieving sizable revenue targets for the four fiscal quarters ending Sept. 30, 2023. GeneSiC ranks eighth in the world in the field of silicon carbide, mainly supplying a full range of automotive-grade silicon carbide MOS from 650V to 6500V, and its products have been shipped in large quantities by world-renowned electric vehicle brands.

Details: NAVITAS ANNOUNCES ACQUISITION OF SIC COMPANY GENESIC

2. XIAOMI SALES FALL 20%, VICTIM OF WEAK ELECTRONICS MARKET

The company reported that its sales were $10.3 billion (70.17 billion yuan) for the second quarter, a 20% drop year over year. Net income fell 67%. Xiaomi is the third-largest smartphone maker globally, behind Samsung and Apple. In the second quarter, Xiaomi had nearly 14% share of the global smartphone market, behind second place Apple at 15.6%, IDC said. Total smartphone shipments in the second quarter were 286 million phones, an 8.7% decline year over year.

Details: XIAOMI SALES FALL 20%, VICTIM OF WEAK ELECTRONICS MARKET

3. HOW THE CHIPS AND SCIENCE ACT IMPACTS CHIPMAKERS

The semiconductor shortage of 2020 threw a massive wrench into many industries, leaving them scrambling to find the chips they needed to keep up with demand. In response, politicians drew up the CHIPS and Science Act of 2022. How will the CHIPS Act impact semiconductor manufacturers moving forward? Find out here.

Details: HOW THE CHIPS AND SCIENCE ACT IMPACTS CHIPMAKERS

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