South Korean Trade, Industry and Energy Ministry announced on May 23 that the government and local automakers will invest KRW14.3 trillion (US$10.9 billion) in the automotive component industry, helping EV production grow fivefold by 2030.
In response to increased competition from Chinese competitors, SiC substrate suppliers from Europe and the US have slightly lowered prices for Asian customers, according to industry sources.
Market sources recently pointed out that Taiwan-based Largan Precision has privately settled its patent infringement "warning" against EV leader Tesla regarding automotive lenses. According to sources, Largan has already obtained most of Tesla s automotive lenses order.
To catch up in the world s largest EV market, Volkswagen has focused on software R&D. The European carmaker is reportedly in talks with tech company Huawei to use the latter s software in Volkswagen cars in China, hoping the potential collaboration would facilitate its market share.