EV Powertrain & Power Electronics

Subaru has entered a strategic collaboration with onsemi to evaluate its Embedded Power Platform, a step toward integrating next-generation power architectures into future electric vehicles. Under the partnership, Subaru gains early access to engineering samples and technical expertise as it assesses whether onsemi's power semiconductor integration can deliver scalable, efficient solutions for vehicle electrification. The two companies said the work will explore how a more integrated power system design can improve vehicle performance, efficiency and design flexibility as automakers expand their electrified lineups. The collaboration was announced by onsemi on GlobeNewswire.

New registrations of battery electric vehicles in Europe rose 54.2% year-on-year in August, accounting for roughly one in three new cars sold and far outpacing forecasts for 2026. According to data from E-Mobility Europe, New Automotive and Fierce Automotive, BEV registrations across 16 major European markets rose to 202,833 units, giving fully electric vehicles a market share of 30.5%. BEV registrations across Europe as a whole have exceeded 1.67 million units since the start of the year, up 33.1% from the same period a year earlier. T&E had forecast a BEV share of 23% in the EU this year, while Rho Motion expected around 21% for Europe as a whole, but BEV registrations in the 16 markets have risen 33.1% year-to-date, exceeding forecasts for the combined plug-in market of BEVs and plug-in hybrid vehicles. By country, France's BEV market share rose to 38.3% in August and Germany's to 32.5%, with fully electric registrations reaching 36,159 units in France and 68,980 units in Germany. Among Europe's most electrified markets, Norway led with a BEV share of 98.7%, followed by Denmark at 85.9%, Finland at 52.3%, the Netherlands at 48.9%, Belgium at 46.2% and Portugal at 36.1%.

onsemi unveiled its Embedded Power Platform, a wafer-level power solution that integrates silicon, silicon carbide and gallium nitride dies to deliver higher power density and system-level co-optimization for AI infrastructure and electrified vehicles, with sampling planned to begin in 2026. The company also announced a technology engagement giving Subaru early access to the platform, a move that highlights how closer co-design around compact, efficient power electronics could influence future electrified vehicle architectures and development timelines. The platform fits onsemi's push to move more of its portfolio into higher-margin, system-level power solutions, coming after Q2 2026 results showed a return to profitability following a large one-off loss, with management guiding Q3 revenue to US$1,650 million to US$1,750 million. The company's narrative projects $9.0 billion in revenue and $2.5 billion in earnings by 2029, requiring 13.0% yearly revenue growth and about a $1.9 billion earnings increase from $630.2 million today. Near-term risks remain, including underutilized fabs and dependence on a still cyclical auto market.

UBS has highlighted 10 industrial companies it sees as positioned for a broader capital-spending cycle, with manufacturing, transportation, defense and construction among the areas expected to gain from improving investment conditions. The list includes Lockheed Martin, United Airlines, C.H. Robinson Worldwide, BorgWarner, UL Solutions, Solstice Advanced Materials, Eaton, Advanced Drainage Systems, United Rentals and Packaging Corp. of America, according to a Wednesday report. UBS said the industrial sector is emerging from a prolonged manufacturing downturn, while inventory trends and short-cycle indicators have improved, and it pointed to stronger operating cash flow outside technology as a source of resources for investment. Among the individual companies, UBS assigned price targets ranging from $80 for Solstice Advanced Materials to $1,350 for United Rentals, with Advanced Drainage Systems carrying the largest implied upside at 62%, based on Sept. 11 closing prices. The bank cited potential catalysts including defense demand, airline earnings, freight productivity, electrification, construction activity and packaging pricing, while higher interest rates and weaker economic growth remain risks to the broader industrial outlook.

onsemi outlined a long-term growth strategy aimed at capturing a $213 billion total addressable market by 2030 across automotive, industrial, AI data center and emerging applications. The Scottsdale, Arizona-based chipmaker said power density has become the defining engineering constraint as AI, electrification and automation scale, and that it will leverage its power and sensing portfolio to address it. President and CEO Hassane El-Khoury said the company has spent years building expertise across power and sensing to help customers deliver more energy while consuming less space. onsemi highlighted three technology platforms it expects to drive growth: high-voltage technologies spanning silicon, silicon carbide and gallium nitride, including a differentiated vertical gallium nitride offering exclusive to the company; the Treo platform for high-precision analog, high-density digital and high-voltage intelligence; and the Embedded Power Platform, which uses the silicon wafer itself as the package to integrate silicon, SiC and GaN devices in a single wafer-level architecture. The company said the convergence of its end markets around common technology requirements allows it to deploy shared platforms across multiple applications and grow faster than the markets it serves.

Forgent Power Solutions guided to fiscal 2027 revenue of $2.4 billion to $2.6 billion and adjusted EBITDA of $575 million to $625 million, alongside adjusted EPS of $1.26 to $1.40 and an adjusted EBITDA margin of approximately 24%, up from 22.7% in fiscal 2026. The guidance accompanied record fiscal fourth-quarter results, with revenues up 94% to $462 million and adjusted EBITDA margin expanding 200 basis points sequentially to 24.4%. For the full fiscal year, revenues rose 89% to $1.42 billion and adjusted EBITDA rose 91% to $323 million, while operating cash flow increased roughly 2.5 times to $109 million from $45 million, with management expecting more than $300 million in fiscal 2027. Chief Executive Gary Niederpruem said the company booked more than $1.5 billion of orders in the quarter alone, leaving backlog at $3 billion, and announced an incremental investment to build a dedicated 385,000 square foot Powertrain Solutions facility on its Tijuana, Mexico campus, expected online in the fourth quarter of fiscal 2027. For the first quarter of fiscal 2027, Forgent guided to revenues of $445 million to $465 million and adjusted EBITDA of $90 million to $100 million, including approximately $10 million of one-time costs, and said it will stop reporting orders and backlog quarterly while providing rolling quarterly revenue and adjusted EBITDA guidance.

Bosch aims to double its heavy-duty commercial vehicle technology sales from today's more than 4 billion euros by 2035, Dr. Markus Heyn, deputy chairman of the Bosch board of management and chairman of the Mobility business sector, said at the IAA Show in Hannover. The company expects global truck production to grow moderately by about 1 percent to approximately 3.3 million trucks this year, then to 4 million units by the mid-2030s, and says the heavy-duty segment, vehicles weighing over six metric tons, is proving more resilient than an overall global vehicle production downturn expected in 2026. A major new order from long-time partner Daimler Truck for the eActros electric truck covers electric powertrain components manufactured in Europe, and Bosch says one in three newly registered electric trucks in Europe this year will be powered by its electric motor and inverter. Bosch also plans a new joint venture with Brakes India and Wheels India, two subsidiaries of the TSF Group, to develop smart actuators for compressed air generation, compressed air treatment, air suspension, and parking brakes. The company estimates that by 2030 about one in four newly registered heavy-duty trucks worldwide will be climate-friendly, rising to about half by 2035, while it continues to optimize conventional injection systems for standards such as Euro 7.

MAHLE has announced it will present sustainable drive solutions at IAA TRANSPORTATION 2026 in Hanover, Germany, from September 15 to 20, 2026, under the theme Electrified. Efficient. Economical. The highlight is a range extender system for electric trucks, an intelligent power generating unit that combines a generator, a combustion engine, thermal management, a fuel tank, an AdBlue tank and exhaust aftertreatment in a single unit. It can be installed directly into existing electric truck platforms. The system delivers 110 kW of continuous electrical power and 130 kW of peak power, can replace roughly one third of existing battery capacity, and cuts total vehicle weight by about 600 kilograms, allowing an electric truck to travel more than 800 kilometers, split between 400 kilometers on battery and 400 kilometers on the range extender. It also reduces carbon dioxide emissions by more than 80 percent, falling to nearly zero when used with the renewable fuel HVO100. In addition, MAHLE is presenting the MCT electric motor, short for MAHLE Contactless Transmitter, for heavy-duty truck drive axles for the first time in the world. It uses no permanent magnets, cutting rare earth usage by up to 3 kilograms per vehicle, delivers a peak output of 370 kW and more than 900 newton meters of torque, and achieves efficiency of up to 95 percent in testing under the VECTO standard, while reducing drivetrain weight by 10 kilograms. Arnd Franz, chairman of the MAHLE management board and chief executive officer, said the market wants electrified solutions that are both cost-effective and practical, and called on governments and policymakers to embrace technological diversity, including battery electric vehicles, hydrogen and renewable fuels. MAHLE currently partners with more than 120 commercial vehicle manufacturers worldwide and aims to grow its commercial vehicle business faster than the market over the next five years.

24/7 Wall St. rates Qualcomm a buy with a $239.79 price target, implying 35.45% upside from the current $176.88 quote, at 90% model confidence. The call rests on Qualcomm's Q3 FY26 revenue of $9.947 billion, which beat consensus, and automotive revenue that grew 61% year over year to $1.588 billion, its 23rd consecutive double-digit growth quarter, even as non-GAAP EPS of $2.21 narrowly missed on memory and wafer input costs. Momentum accelerated after Qualcomm issued warrants to Amazon to acquire $4 billion worth of the chipmaker's stock as part of an AI infrastructure deal, and CEO Cristiano Amon has committed to more than $24 billion in revenue across automotive and IoT plus more than $15 billion in data center by fiscal 2029, nearly doubling the prior target. The bear case lands near $200.49, with handset revenue down 20% in the third quarter and management expecting roughly a 50% decline in Apple revenue from the September to December quarter, while memory and wafer inflation compressed operating income by 41.13% year over year. Broadcom, the aspirational benchmark, posted $29.591 billion in Q3 FY26 revenue with AI semiconductor sales of $16.7 billion, up 221% year over year, and carries a $1.72 trillion market cap versus Qualcomm's $188.9 billion.

Asia Plus Securities stated that August 2026 sales at DELTA Taiwan, the parent company of DELTA, came in at 64 billion Taiwan dollars, down 4% month-on-month but still up 35% year-on-year, and above the 2Q26 average of 61 billion Taiwan dollars. As a result, combined sales for the first two months of the third quarter, July 2026 through August 2026, reached 130 billion Taiwan dollars, or 41% growth year-on-year. Although parent company sales declined, DELTA's own sales in the same period do not necessarily have to fall in tandem, because parent company sales reflect the entire group including subsidiaries worldwide, which have different timing for production, product delivery, and revenue recognition. However, DELTA Thailand's sales tend to move in the same direction as the parent company, with a correlation of roughly 96%. The research team therefore expects DELTA's July 2026 to August 2026 sales to still grow better than in 2Q26, just like the parent company. In addition, the raw material shortage problems that arose in 2Q26 began to ease from July 2026. Overall, the research team views that DELTA's 3Q26 sales will grow both quarter-on-quarter and year-on-year, while margins should improve quarter-on-quarter and royalty payments as a share of sales will decline quarter-on-quarter, as products manufactured under DELTA's own technology are expected to account for a higher proportion in the second half of 2026, pushing 3Q26 profit to its highest point of the year. The research team also estimates normal profit for 2026 to 2027 at 35 to 49 billion baht, or average annual growth of 42%, and maintains its Buy recommendation, believing profit has already passed its low point for the year in 2Q26 and that second-half 2026 profit will be better than the first half. It sets a target price of 342.00 baht.

The Board of Investment (BOI) has revealed that Japan remains a key investment partner for Thailand. In 2025, Japanese investors applied for investment promotion for 302 projects with a total value exceeding 113.7 billion baht, more than doubling from the previous year. In the first half of 2026, there were 123 projects worth 32.79 billion baht, reflecting that Thailand remains an important investment base for Japan, particularly for investments aimed at upgrading technology and increasing production efficiency to support the transition of global industries. BOI Secretary-General Narit Therdsteerasukdi stated that Japanese investment is entering a new cycle, building on existing production bases to develop high-value products. For instance, Isuzu is investing over 15 billion baht to upgrade its pickup truck production base, Mazda is investing 7.4 billion baht to produce new hybrid models, Mitsubishi has announced an additional investment of 16 billion baht by 2030, and Honda plans to invest 12 billion baht by 2029 to produce two new car models. This makes Thailand the only country outside Japan to produce a total of eight car models. Meanwhile, the automotive supply chain is shifting towards EV and hybrid components, such as Astemo investing 3.5 billion baht to produce PCU inverters and Aisin investing in hybrid transmission systems. The electronics sector is also expanding into advanced components, with Murata producing MLCCs and Panasonic producing upstream materials for circuit boards. The new factory will be the first production base for MEGTRON materials in ASEAN to support AI. Additionally, there are investments in aviation and agri-food, such as NMB-Minebea investing over 2.6 billion baht to open an aircraft parts factory in Lopburi, and Toyo Saikan investing 2.47 billion baht to produce plant-based beverages. A survey by the Japanese Chamber of Commerce (JCC) indicates that 23% of Japanese companies plan to increase their investment in Thailand in 2026, while 48% will maintain their current investment levels. The BOI also supports the establishment of regional offices in Thailand, with over 40% currently coming from Japan.

MediaTek announced a partnership with Nvidia on Monday backed by a $3.5 billion convertible bond investment, news that pushed MediaTek shares 10% higher on Tuesday and capped a gain of close to 200% for the Taiwanese chipmaker over the course of this year. The deal centers on MediaTek adopting Nvidia's NVLink Fusion platform, which lets hyperscalers and other technology companies build custom AI chips that integrate with Nvidia's data center infrastructure, and the two firms will also collaborate on chips for PCs and automotive platforms. Nvidia founder and CEO Jensen Huang called MediaTek "one of the world's great semiconductor companies," while MediaTek vice chairman and CEO Rick Tsai said the investment strengthens a collaboration spanning cloud AI infrastructure, local AI computing, and automotive. The partnership extends their existing work on Nvidia RTX Spark and DGX Spark chips and AI-powered automotive platforms, and MediaTek has previously collaborated with Nvidia on the GB10 Grace Blackwell Superchip. MediaTek, which leads global smartphone chip sales, disclosed in June that its custom AI chip division is on track to contribute $2 billion to this year's revenue, with the broader opportunity potentially reaching $80 billion by 2027.

The government is accelerating a comprehensive overhaul of the excise tax structure for automobiles, covering electric vehicles, hybrids, and internal combustion engines. A spokesperson for the Prime Minister's Office revealed that the Deputy Prime Minister and Minister of Finance has assigned the Excise Department to review tax rates and related criteria to ensure fair competition and support manufacturers that invest and produce domestically. The Ministry of Finance has set three key goals: promoting imports for investment, boosting production for export to become the region's EV manufacturing hub, and upgrading local parts to high-value components. This restructuring is not limited to simply raising or lowering tax rates but will shape the future direction of Thailand's automotive industry amid the growing EV market and free trade agreements that grant imported cars customs duty benefits.

Macro Micro Technology released its 2026 interim report on August 28. Supported by its core power semiconductor business, benefiting from downstream demand growth in new energy vehicles, energy storage, and AI computing power, as well as a substantial increase in government subsidies, the company swung to a profit during the reporting period and achieved significant growth, though its non-recurring net profit remained in a loss position. During the reporting period, the company achieved operating revenue of 738 million yuan, up 8.49 percent year on year; net profit attributable to the parent company was 3.99 million yuan, up 33.84 percent year on year; and non-recurring net profit was negative 35.35 million yuan, a sharp year-on-year decline. Net cash flow from operating activities was 210 million yuan, turning positive from negative year on year, mainly due to the receipt of large government subsidies. The company's core products continued to ramp up steadily, with 1050-volt and 1200-volt IGBT and FRD chips adapted for photovoltaic and energy storage applications already in mass production, shipments of automotive-grade silicon carbide modules increasing, and 650-volt gallium nitride chips passing certification with AI data center power supply customers and gradually scaling up. Government subsidies recognized in current profit and loss during the period reached as high as 35.35 million yuan, a key factor in offsetting the core business loss and achieving book profit, while fair value gains from trading financial assets of approximately 11.48 million yuan also provided some support to profit. The company has laid out high-end products such as silicon carbide and gallium nitride and completed certification with some customers, and is expected to benefit from technological iteration, but it needs to guard against risks such as intensifying industry competition, raw material cost fluctuations, and uncertainty over the sustainability of government subsidies.

Qualcomm shares have risen 8.7% since its last earnings report, outperforming the S&P 500, but the company missed third-quarter fiscal 2026 earnings estimates while beating on revenue. Non-GAAP earnings were $2.21 per share, down 20% year over year and slightly below the consensus of $2.22, while revenues of $9.95 billion fell 4% but topped expectations by 2.4%. Handset weakness pressured results, with QCT handset revenues plunging 20% to $5.09 billion, but automotive revenues surged 61% to $1.59 billion, marking the 23rd straight quarter of double-digit growth, and IoT revenues rose 9% to $1.83 billion. Qualcomm raised its fiscal 2026 exit-rate outlook for annualized automotive sales to approximately $7 billion from $6 billion, and completed the $3.1 billion Modular acquisition. For the fourth quarter, the company forecasts revenues of $9.7-$10.5 billion and non-GAAP earnings of $2.05-$2.25 per share, with handset revenues expected around $5.2 billion and automotive revenues projected to rise about 60% year over year. Since the report, the consensus estimate has shifted down 12.97%, and Qualcomm holds a Zacks Rank #3 (Hold).

Jingquanhua released its 2026 half-year report. First-half net profit attributable to the parent rose 73.1% year on year to 71.48 million yuan, while operating revenue was 1.93 billion yuan, up 12.1% year on year. In the second quarter, operating revenue was 1.09 billion yuan, up 17.2% year on year, and net profit attributable to the parent was 40.7 million yuan, up 76.1% year on year. As of the end of the second quarter, total assets were 3.763 billion yuan, up 14.0% from the end of the previous year, and net assets attributable to the parent were 1.574 billion yuan, up 4.2% from the end of the previous year. The company's operations are mainly concentrated in magnetic components and power supply products, covering areas such as renewable energy generation, energy storage, and new energy vehicles. Demand for magnetic components in the AI computing power sector has increased significantly.

Yingboler released its 2026 half-year report, with first-half net profit attributable to the parent company at 118 million yuan, up 216.8% year-on-year. Operating revenue was 2.42 billion yuan, up 77.1% year-on-year; non-GAAP net profit attributable to the parent was 115 million yuan, up 241.8% year-on-year; net operating cash flow was 317 million yuan, down 37.3% year-on-year; earnings per share were 0.3843 yuan. In the second quarter, operating revenue was 1.34 billion yuan, up 62.4% year-on-year; net profit attributable to the parent was 60.87 million yuan, up 130.2% year-on-year. As of the end of the second quarter, total assets were 7.558 billion yuan, up 0.9% from the end of the previous year; net assets attributable to the parent were 3.124 billion yuan, up 2.8% from the end of the previous year. The company's business is mainly concentrated in the new energy vehicle and low-altitude economy sectors. In the new energy vehicle sector, it has become a leading domestic Tier 1 supplier and is actively expanding into new energy commercial vehicles and electric motorcycles. In the low-altitude economy, its eVTOL electric propulsion systems and drone electric propulsion systems have secured project designations from multiple leading companies.

GoodWe released its 2026 interim report on August 27. Driven by rapid growth in energy storage batteries and storage inverters, the company successfully offset the decline in residential system sales and returned to profitability for the reporting period. The financial report shows that the company achieved operating revenue of 6.25 billion yuan, up 52.96 percent year on year. Net profit attributable to the parent company was 286 million yuan, swinging from a loss of 17 million yuan in the same period last year. Non-GAAP net profit was 284 million yuan, also turning positive. Net cash flow from operating activities was 152 million yuan, a significant improvement from negative 44 million yuan a year earlier. During the reporting period, inverter sales volume was about 540,200 units, of which storage inverters accounted for about 33.63 percent, and storage battery sales volume was about 2,401.49 megawatt-hours. Overseas inverter sales accounted for 66.46 percent of the total, and the company captured multiple number one market share positions in Australia. The company also launched the WE-AI native energy operating system to promote intelligent energy management. Although financial expenses turned into an outlay of 185 million yuan due to exchange losses, this did not offset the substantial improvement in core business profitability.

Fute Technology released its 2026 interim report on August 27. Supported by its core onboard power supply business, and benefiting from strong demand in the new energy vehicle market and expansion of overseas operations, the company achieved substantial double-digit growth in both revenue and profit during the reporting period. Operating revenue reached 2.445 billion yuan, up 65.81 percent year on year. Net profit attributable to the parent company was 158 million yuan, up 135.76 percent. Net profit after deducting non-recurring items was 152 million yuan, up 139.14 percent. Net cash flow from operating activities was 130 million yuan, a significant improvement from negative 18 million yuan in the same period last year, mainly due to revenue growth and collection of accounts receivable. Total assets at the end of the period were 4.482 billion yuan, up 10.06 percent year on year, and cash and cash equivalents increased to 826 million yuan, mainly thanks to the receipt of funds from a private placement. In terms of business structure, new energy onboard products remained the absolute mainstay, with revenue of 2.417 billion yuan in the period, accounting for nearly 99 percent of total revenue, up 71.31 percent year on year. Gross margin was 18.16 percent, down slightly by 2.07 percentage points year on year but still relatively stable. Energy management product revenue was 14.14 million yuan, down 43.10 percent year on year. The rapid growth in performance was mainly driven by strong downstream customer demand, which led to a significant increase in product sales volume. The company's customers include well-known domestic and overseas automakers such as GAC, NIO, Xiaomi and Renault. The proportion of overseas revenue rose to 21.65 percent, showing initial results from its global expansion. In addition, financial expenses fell 72.09 percent year on year, mainly due to foreign exchange gains. Research and development investment rose 35.80 percent year on year to 164 million yuan, as the company continued to strengthen its technological advantages in 800-volt high-voltage platforms, silicon carbide applications and integrated products. Although an increase in inventory write-down provisions led to larger asset impairment losses, this did not offset the profit flexibility brought by growth in the main business. Looking ahead, the global penetration rate of new energy vehicles continues to rise, especially with strong growth in Europe and emerging markets. The wider adoption of 800-volt high-voltage platforms and the implementation of bidirectional charging and discharging technology will create new incremental space for the onboard power supply industry. As an independent third-party supplier, the company is expected to further consolidate its market share by leveraging its automated manufacturing capabilities and differentiated cost advantages. However, intensifying industry competition may put pressure on gross margins, and the relatively large scale of accounts receivable carries collection risk.

Bethel released its 2026 interim report, showing first-half attributable net profit of 641 million yuan, up 22.8% year on year, and operating revenue of 6.27 billion yuan, up 21.5% year on year. Second-quarter revenue was 3.6 billion yuan, up 42.4% year on year, with attributable net profit of 373 million yuan, up 48.0% year on year. The company said its first electronic mechanical braking project achieved mass production, making it the world's first supplier to achieve a breakthrough in and mass production of fully dry electronic mechanical braking technology, and it completed the acquisition of a controlling stake in Yubei Steering. During the reporting period, the total number of projects under research rose 87.65% year on year, while newly mass-produced projects and awarded projects increased 62.60% and 52.84% respectively.