Cree: Exclusive SiC Partner for Volkswagen Group's FAST Project

Cree, Inc. (Nasdaq: CREE), a global leader in SiC semiconductors, announced that it has become the exclusive SiC partner of Volkswagen Group’s FAST (Future Automotive Supply Tracks) project. The goal of FAST is to promote joint collaboration, implement technology innovation faster than ever before, and realize global automotive projects more efficiently and effectively.

Mr. Michael Baecker, head of purchasing at Volkswagen Group, said: "Volkswagen Group plans to launch nearly 70 new electric models in the next 10 years, compared to the previous plan of 50. It is expected that the number of vehicles produced based on Volkswagen Group's electric vehicle platform will increase from 15 million to 22 million in the next 10 years. An effective (industrial ecosystem) network is the key to our success. Our FAST partners are our strategic partners, and each partner is a leader in its respective field. We hope to shape the future of automobiles together."

The agreement connects two simultaneous industrial transformations: the automotive industry is undergoing a transition from internal combustion engines to EVs, and in the semiconductor industry, the adoption of SiC (silicon carbide) is growing. The agreement will also drive innovation on both sides, helping Volkswagen Group to better serve their customers.

The adoption of SiC (silicon carbide) will accelerate the automotive industry's transition to EVs, helping to achieve higher system efficiency, thereby giving EVs longer driving range and faster charging while reducing cost, weight and space.

Cree CEO Gregg Lowe said: "Cree technology is at the heart of this huge change in EV electric vehicles. We fully support the automotive industry's transition to higher efficiency and higher performance SiC (silicon carbide) based solutions. We are very honored to cooperate with Volkswagen Group. Volkswagen Group is an important force in the global automotive field and is firmly committed to EV electric vehicles. This cooperation will give full play to the advantages of SiC (silicon carbide) to help achieve longer driving range, shorter charging time and higher efficiency. We look forward to helping Volkswagen Group launch cars that meet the future."

Volkswagen Group and Cree will build a close tier one cooperation to provide SiC (silicon carbide) based solutions for future Volkswagen Group vehicles through power module supply. The cooperation was officially concluded and announced on May 10, 2019. Not long ago, on May 7, Cree announced that it would significantly increase the production capacity of SiC (silicon carbide) MOSFETs and wafers to support customer development.