WASHINGTON (dpa-AFX) - BorgWarner Inc. (BWA) said it will invest $500 million in Wolfspeed Inc. (WOLF), securing up to $650 million in annual capacity for Silicon Carbide Devices.
BorgWarner's charging forward strategy targets $4.5 billion of electric vehicle revenue for 2025, compared to less than $350 million in 2021. BorgWarner believes it is already on track to achieve approximately $4 billion of electric vehicle revenue by 2025.
Last month at the company's Investor Day, Wolfspeed outlined a multi-year, $6.5 billion capacity expansion effort which included the installation of additional tools at the company's state-of-the-art, 200mm Mohawk Valley fab and the construction of a 445-acre Silicon Carbide materials facility in North Carolina, which will expand the company's existing materials capacity by more than 10x. The first phase of construction is slated to be complete by the end of fiscal year 2024.
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