NXP Semiconductors struggles to reduce inventory levels as auto demand stagnates

Kurt Sievers, president and CEO of Dutch automotive chipmaker NXP Semiconductors, said the company will work to reduce inventory levels as automotive demand stagnates. Although NXP's automotive business revenue accounts for the largest share of overall revenue in 2023, it hit a "trough" in the second quarter of this year, resulting in a 5% year-on-year decline in overall revenue.