Apple supplier TDK partners with McLaren Racing in EV push

TDK

29/10/2024 05:30

TOKYO, Oct 29 (Reuters) - Apple  AAPL.O  supplier TDK
 6762.T  has partnered with McLaren Racing in Formula E electric
motor racing as the Japanese components manufacturer targets
expansion in the electric vehicle sector. 
    TDK, once well known to consumers for its cassette tapes, is
the world's largest supplier of smartphone batteries. It is
growing its passive components and sensors businesses and aims
to build its presence in the EV supply chain. 
    The company's technology is used in the Nissan  7201.T 
e-4ORCE 05 cars used by McLaren, and TDK will look at supplying
components such as inverters and sensors, an executive said. 
    "Formula E technology is always at the cutting edge of EVs
and we want them to utilise our components so we can sharpen our
technology," Taro Ikushima, CEO of TDK's Electronic Components
Business Company, said in an interview. 
    Automotive accounts for almost a quarter of total sales at
TDK, which was founded in 1935, with the company a leading
supplier of components such as ceramic capacitors and
temperature sensors. 
    While many fans remain wedded to Formula One with the
signature sound of its internal combustion engines, interest in
Formula E is growing.
    The speed of the broader transition from gasoline vehicles
is debated, with Toyota  7203.T  chairman Akio Toyoda believing
the global share of EVs will peak at 30%. 
    TDK sees opportunity across the spectrum with plug-in
hybrids and battery electric vehicles using 60% and 100% more
multilayer ceramic chip capacitors respectively than gasoline
cars. 
    "Safety, durability, longevity, in automotive these are very
important factors and can be applied to other industries,"
Ikushima said.  
    TDK shares are up 39% this year, outperforming the 13% rise
in Japan's broader Topix index  .TOPX .    

 (Reporting by Sam Nussey; Editing by Jamie Freed)
 ((sam.nussey@tr.com;))