WOLF - Wolfspeed will reportedly announce a new $2.2B German chip plant
- Wolfspeed ( NYSE: WOLF ) shares rose fractionally in premarket trading on Wednesday as it reportedly gets set to announce a semiconductor plant in Germany.
- Along with German chip company, ZF Friedrichshafen, Wolfspeed ( WOLF ) is slated to announce plans for a $2.2B electric vehicle chip plant in Saarland, Reuters reported , citing three sources close to the matter.
- Production from the plant is slated to start in four years, German news outlet Handelsblatt reported previously, citing sources.
- Wolfspeed ( WOLF ) specializes in silicon carbide, which is used in electric vehicles. Last month, the company signed a deal with Mercedes Benz to power future electric vehicle platforms.
- Wolfspeed's ( WOLF ) purported plant in Germany comes as the European Union continues to compete with the U.S. for semiconductor investments and clean technology investments especially in light of the U.S's Inflation Reductio Act.
- "Amid the concerns that the U.S. wants to divert investments from Europe with its Inflation Reduction Act, we're showing that a U.S. firm wants to invest in Germany," a German government source told the news outlet.
- Last month, Wolfspeed ( WOLF ) reported mixed fiscal second-quarter results and said it expects third-quarter revenue to be between $210M and $230M.
- https://seekingalpha.com/news/3928030-wolfspeed-non-gaap-eps-of-0_11-beats-0_03-revenue-of-216_1m-misses-10_68m
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Wolfspeed will reportedly announce a new $2.2B German chip plant