TECH - STMicroelectronics Stock Gains After EV Deal With Geely Auto - What's Going On? | Benzinga
STMicroelectronics NV (NYSE:STM) and Geely Auto Group have signed a long-term Silicon Carbide (SiC) supply agreement to enhance their collaboration on SiC devices. The chipmaker’s stock price gained after the update.
STMicroelectronics will provide SiC power devices for Geely’s mid-to-high-end battery electric vehicles, improving performance, charging speeds, and driving range.
They also established a joint lab to develop solutions for automotive electronics, advanced driver assistance systems, and new energy vehicles.
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