BofA analyst Didier Scemama noted ON Semiconductor’s (ON) CEO commented on the company’s Q4 call that they had won Tesla (TSLA) as a customer for their silicon carbide, or SiC, chip business. Until now and "to the best of our knowledge," STMicroelectronics (STM) were sole supplier of SiC chips and modules to Tesla for their traction inverter, said the firm, which added that this news "comes as no surprise" given Tesla has historically dual-sourced IGBT modules. Following the confirmation, the firm maintains its estimates and reiterates its Buy, top pick rating on STMicro with unchanged price target of EUR 71 on the shares.
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