ON Semiconductor considers USD 2 billion investment in electric vehicle chip production

ON Semiconductor Corp is considering investing USD 2 billion in boosting production of silicon carbide chips that are widely used to help extend the range of electric vehicles, company executives said on Tuesday.

Company executives said during an analyst presentation the company is considering the expansion in either the US, the Czech Republic or Korea. The firm already has factories in each of those countries.

ON Semiconductor is a longtime supplier to the automotive industry, supplying both chips that go into drive trains of electric cars as well as a broad swath of other chips like cameras and sensors that help with driver-assistance systems.