US chip giant Wolfspeed plans to lay off 1,000 employees and close a factory

U.S. chipmaker Wolfspeed announced that it will close its 150mm silicon carbide plant in Durham, North Carolina, and lay off 20% of its employees, about 1,000 people, due to low demand in the automotive market. The move is to cope with the impact of slowing electric vehicle sales on demand for silicon carbide chips. Wolfspeed expects revenue in the second fiscal quarter to be between $160 million and $200 million, lower than analysts' expectations of $214.6 million.