August 3, 2023 /SemiMedia/ --onsemi recently stated that the continued strong demand in the automotive industry has driven the company's silicon carbide business, and it is expected that the company's revenue in the third quarter of 2023 will be higher than market expectations.

As early as May, onsemi said it plans to invest more than $2 billion to increase the production of silicon carbide chips in response to the continued growth in demand from electric vehicles. In addition, the company is considering building new plants at existing sites in South Korea, the United States, and the Czech Republic.

onsemi CEO Hassane El-Khoury said that if demand continues to grow, the company is willing to build a new factory, but if it uses existing sites, it will better help the profit margin of its silicon carbide business line with the company's profit margin.