With India’s automotive industry set to embrace the EV revolution, both companies are strategically pivoting towards the sector and lining up new investments to win more customers as growth in the smartphone market stagnates.
Various chipmakers in their latest quarterly earnings have signaled the beginning of a supply glut in the automotive sector, that is likely to weigh on demand for companies such as Tower Semiconductor.
The Shanghai-based carmaker said the ET9, an executive sedan with a host of cutting-edge technologies it has developed, will be priced at about US$112,151, and is expected in the first quarter of 2025.
Semiconductor Manufacturing International Corp: TSMC forecast in July a 10% slide in 2023 sales and as much as a 4% point drop in operating margin this quarter from the previous quarter, citing weak demand for smartphones and PCs and uncertainty about the market for artificial intelligence.
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