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3 Chip Stocks Integral to the Electric Vehicle Industry -Breaking

by Mike Robinson

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© Reuters. The Electric Vehicle Industry: 3 Chip Stocks

While the electric vehicle (EV) industry suffered this year due to the global semiconductor shortage, initiatives worldwide to push toward a clean energy-based future, and an increased focus on ramping up semiconductor production, should drive the industry’s growth next year. QUALCOMM and Microchip (MCHP) are the top EV chip producers. Keep reading. Semiconductors are key components of electric vehicles (EVs). The total value of all semiconductors in EVs exceeds the chips used in internal combustion engines. The expected rise in demand for EVs will drive demand for semiconductors.

And while the global semiconductor chip shortage has marred the EV industry’s growth this year, government initiatives to transition to a zero-emission environment, and an increased focus on ramping up semiconductor production, should drive the industry’s growth next year. The global production of electric vehicles is projected to increase by four-fold, to more than 11 million units in 2025.

We believe that prominent EV chip manufacturers QUALCOMM Incorporated and Microchip Technology Incorporated should be able to benefit, as well as ON Semiconductor and ON Semiconductor.

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