TOKYO -- Producers of power semiconductors, a key component in the electric-vehicle supply chain, are shrinking their workforces and delaying investments as disappointing growth in the EV market leaves them saddled with excess capacity.
Japan's Renesas Electronics plans layoffs that could run into the hundreds and has postponed large-scale power semiconductor production that was slated to start early this year. The company's manufacturing facilities ran at only about 30% of capacity in the three months through December, down from roughly 40% in the previous quarter.
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