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EU Chip Drive: Good News / Bad News
Wolfspeed [WOLF] has pushed back plans to build a $3bn plant in Germany, a setback in the EU’s attempts to develop its own semiconductor ecosystem. However, semiconductor supplier firm onsemi [ON] announced it is planning to invest up to $2bn in an integrated silicon carbide manufacturing facility in the Czech Republic. Lastly, Advanced Micro Devices [AMD] has downplayed the impact of a recent cyberattack.
EVs in the EU: Bad News
Sales of new electric vehicles (EVs) in the EU fell 12% year-over-year in May, according to the European Automobile Manufacturers Association. Germany logged a 30% drop-off, apparently prompted by the end of subsidies in December. According to Bloomberg, meanwhile, the EU’s drive to develop its EV battery industry is faltering, partly thanks to competition from China. Elsewhere, carmakers in Canada have said they doubt that the government’s target of phasing out gasoline-powered cars by 2035 is achievable.
Son Sketches SoftBank Roadmap
Speaking at the annual shareholder meeting of SoftBank’s [9984:T] telecom arm, SoftBank Corp [9434:T], Founder and CEO Masayoshi Son on Thursday said that his firm is poised to boost its power generation business in the US, with a view to powering generative artificial intelligence projects around the world. Son also said that the group was looking for “seeds of new evolution” of investments.
Analysts Predict a 17% Rise in This China Tech Stock
Bloomberg reported that Meituan [3690:HK], China’s top food-delivery platform, has reversed its fortunes. Having been the biggest loser on the Hang Seng Tech Index last year, it has become one of this year’s best-performing China tech stocks. Analysts are estimating the shares will climb 17% in the next year, sparked by cost-cutting, overseas expansion and easing competition, with ByteDance’s Douyin and Alibaba [BABA] seemingly easing off in their attempts to secure market share.
Satellite Manufacturer’s Profits Triple
Filtronic [FTC:L] is a British manufacturer of products for the aerospace, defence and telecommunication industries. Boosted by sales to its main customer, Elon Musk’s SpaceX, the firm has said it expects its full-year profit to triple to £4.8m, versus £1.3m last year. GE Aerospace [GE] is working with NASA on developing a hybrid electric engine which it hopes will power jets by the mid-2030s.
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