ON Semiconductor Corp. (ON) said late Monday it signed a long-term supply agreement with BMW Group for electric drivetrain tech. ON Semi said it will supply BMW with 400-volt DC power modules that can hold several hundred kilowatts of power.
"With maximum range being a primary consideration for purchasing an EV, ON Semi's system approach for optimized performance across all of BMW's electric vehicles provides a key competitive advantage," said Asif Jakwani, ON's head of Advanced Power Division, Power Solutions Group, in a statement.
"In addition, we are able to support the rapidly increasing demand for BMW's premium EVs by continuously ramping all production steps of our robust, vertically integrated SiC supply chain."
Financial terms of the deal and specific timeframes were not disclosed. Shares of ON Semi rose 0.2% after hours, following a 1.9% rise to close Monday's regular session at $77.41.