(MT Newswires) -- Hassane El-Khoury, CEO of ON Semiconductor, highlights his company's resilience in the face of the current economic downturn. By adapting production to market requirements over the last six quarters, particularly in the industrial and automotive sectors, and by optimising inventory management, ON Semiconductor has outperformed its competitors during this period.

In response to questions about the lack of a detailed future outlook, El-Khoury says the company is taking a pragmatic approach, focusing on immediate needs rather than on uncertain economic recovery assumptions. He notes that ON Semiconductor anticipates moderate growth of 20-30% in 2024 for the electric vehicle (EV) sector, a more conservative estimate than the 30-40% projected by the industry.

El-Khoury adds that the company expects to grow twice as fast as the market in silicon carbide, a key component for EVs. With demand for this component on the rise, ON Semiconductor plans to expand its customer base, which already exceeds 600 partners, and expects production to accelerate, particularly from European vehicle manufacturers.

Bloomberg videos