ON Semiconductor announced a strategic plan for revenue growth that is expected to reach three times the industry average

     Onsemi, a leader in smart power and smart sensing technology, held an investor conference in New York City on May 16, 2023, with the theme "Accelerating towards a Sustainable Ecosystem," highlighting how the company's transformation over the past two years has propelled it to outperform the industry and revealing its strategic plan to accelerate growth through 2027. The event came shortly after Anson Mae reported first-quarter results that beat Wall Street expectations.

     Onsemi is doubling down on its efforts to develop high-end smart power supply and smart sensing business in the automotive and industrial sectors, with its smart power supply focusing on silicon carbide (SiC), silicon power supply (IGBT, FETs) and power ics. onsemi's accelerated growth financial model forecasts that the company's revenue is expected to grow at a compound annual growth rate (CAGR) of 10% to 12% from 2022 to 2027, three times the expected growth rate of the semiconductor market, and its gross margin target is expected to reach 53% by 2027 through new product launches and investment of incremental profits into SiC production. The company's overall strategy is also shifting from Fab Liter, which focuses on building a flexible, low-fixed-cost manufacturing footprint, to Fab Right, which emphasizes optimizing asset allocation for efficiency and achieving a stellar return on capital investment (ROIC).

     Hassane El-Khoury, President and CEO of onsemi, said: "Despite the current uncertain market environment, OnSemi's growth has accelerated beyond expectations, driven by our efforts to support the building of sustainable ecosystems by focusing on structural change trends in our two key markets, automotive and industrial. As many customer reviews have stated, we will continue to consolidate our leading position in SiC through EliteSiC technology, which is a key link in the move towards net zero emissions. Thanks to our employees, whose dedication and persistence have helped the company achieve greater efficiency, superior performance and a higher level of sustainability."

     Highlighting several recent news announcements in the automotive and energy sectors, onsemi shared how the company continues to solidify its position in key areas. As always, onsemi is committed to providing key components for vehicle electrification, Advanced Driver assistance systems (ADAS), energy storage and charging, as well as autonomous mobile robotics and machine vision, creating solutions to enable sustainable ecosystems.