Onsemi forecasts weak fourth quarter on slowing demand for electric vehicles

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SaltWire's Atlantic regional weather forecast for October 30, 2023 | SaltWire - Chipmaker Onsemi forecast fourth-quarter revenue and profit below market expectations on Monday, in a sign that slowing demand for electric vehicles was beginning to hurt orders for its chips from the automotive industry.

The company, whose clients include European automaker Volkswagen, forecast revenue in the range of $1.95 billion to $2.05 billion, compared to analysts' average estimate of $2.18 billion, according to LSEG data.

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