FRANKFURT, Germany - German computer chip maker Infineon said on Friday it is teaming up with China's biggest carmaker, SAIC Motor Corporation, to produce power modules for the Chinese electric car market, the world's biggest.
Infineon said in a statement it will hold a 49% stake in the new Shanghai-based company, SAIC Infineon Automotive Power Modules (SIAPM), which will make inverters - vital parts that convert power from the battery to a form that can be used by the car's engine.
Annual production of hybrid and all-electric cars in China could reach two million vehicles by 2020 and 4.3 million by 2024, or around 45% of the forecast global market, Infineon said, citing an IHS Markit analysis.
The move is a further step into future car technology for Bavaria-based Infineon, which announced at the Las Vegas Consumer Electronics Show (CES) in January that it would join Chinese internet giant Baidu's Apollo platform for self-driving cars.
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