Automotive Semiconductor Industry Performance Snapshot: Q1 2024
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The impact of slowing electric vehicle sales combined with Tier 1 and OEM customers looking to burn through inventory stocks impacted automotive semiconductor supplier revenues in the first quarter of 2024. The TechInsights Auto Semi Index shrunk for the first time since the fourth quarter of 2020, contracting by 9.2%. Apart from Qualcomm and Micron, all companies saw a quarter-on-quarter drop in their respective Auto Semi Index scores, as the industry works its way through the “false slowdown” predicted by TechInsights in 2021.
