Sumitomo Electric cancels SiC wafer fab construction plan

Due to the sluggish demand for electric vehicles, Japan's Sumitomo Electric Industries announced the cancellation of its plan to invest 30 billion yen to build a new SiC wafer plant. Sumitomo Electric Industries may focus more energy and resources on other business areas, such as the wiring harness business in the automotive field, whose demand is steadily growing, the production of products such as power cables in the environmental energy field, and the production of optical devices related to data centers in the information and communication field.