Bloomberg previously reported that China’s Ministry of Industry and Information Technology (MIIT) has instructed EV companies like BYD and Geely to increase the procurement of domestic electronic components and accelerate the adoption of locally produced semiconductor chips. Although there was an informal target for EV companies to increase the share of domestic chips to 20% by 2025, progress has been slow.

The US EV charging market is temporarily affected by numerous variables due to the 2024 US presidential election. Alex Lin, Chairman of Phihong’s EV charging market subsidiary, Zerova, stated that while the US market has slowed down, markets in Europe and Japan have shown growth, compensating for the US market’s vacancy. The overall revenue for 2024 is predicted to be about the same as 2023, with hopes of returning to a growth rate in 2025.

China’s smartphone application processor (AP) shipments returned to the traditional off-season pattern in the second quarter of 2024, with a slight quarter-on-quarter increase of 3%. According to DIGITIMES Research‘s latest report on AP shipments to Chinese smartphone vendors, volumes are expected to increase by more than 9% quarter-on-quarter in the third quarter as smartphone vendors enter the traditional peak season.