Leading South Korea-based battery manufacturers LG Energy Solution, Samsung SDI, and SK On reported unsatisfactory financial performance in the first quarter of 2024 due to slow EV market growth, customers adjusting their inventory levels, and falling metal prices.
Chinese carmaker Seres, a Huawei partner, came out of the red in the first quarter of 2024 after experiencing losses for five years. The Aito EVs it co-developed with Huawei have gained traction in the market and accounted for 70% of Seres' sales volume.
While the European Union and the US have imposed many restrictions on China-made EVs, the measures seem also to benefit Chinese carmakers. European and US consumers have become more aware of Chinese EVs, which may affect the future market dynamic.
Qualcomm reported slightly stronger-than-expected results over the past quarter, and its upbeat outlook suggests an improvement in the mobile phone industry. Qualcomm also expects the automotive business to play a larger role.
Hyundai Motor and its affiliate Kia view software as a crucial element of their future development. The pair targets China's fast-growing connected vehicle market and will collaborate with local tech giant Baidu.
Samsung Electronics has been ramping up its power semiconductor development team and is considering expanding its production capacity. This move aims to meet the anticipated surge in demand for power chips driven by the rise of Artificial Intelligence (AI) and Electric Vehicles (EVs).
Flexible printed circuit (FPC) specialist Flexium Interconnect has expressed optimism about demand for automotive applications in the long run, believing the worst has passed.
