Melexis to produce all of NIO's current chips for traction inverters
06/06/2024 15:19
June 6 (Reuters) - Melexis MLXS.BR will provide
Chinese car manufacturer NIO 9866.HK with current sensor chips
for its traction inverter system, it said on Thursday, becoming
the latest European supplier to partner with a Chinese
automaker.
Melexis' shares were 2.7% higher at 85.1 euros by 1408 GMT
following the announcement.
The Belgian semiconductor supplier said its chips, needed to
convert a battery's direct current into the alternating current
used by an electric motor, will power all of NIO's battery
electric vehicles.
"Our current sensor (integrated circuit) ICs, coupled with
the expertise of our dedicated local engineers, will provide NIO
with the support they need to achieve success in the electric
vehicle market," said Dieter Verstreken, Vice-President of
Melexis's China Strategy, in a statement.
Semiconductor suppliers like Melexis, hurt by slower global
car sales, are turning to Chinese car makers, many of which are
looking to expand in Europe.
STMicroelectronics STMPA.PA on Tuesday said it had signed
a long-term Silicon Carbide supply agreement with China's Geely
0175.HK .
(Reporting by Nathan Vifflin; Editing by Kirsten Donovan)
((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))