STMicroelectronics has significantly lowered its 2024 performance expectations, and the downturn in the automotive market has a significant impact

STMicroelectronics (ST), a world-renowned semiconductor company, warned that due to the continued downturn in the automotive market, the company will significantly lower its performance expectations for 2024. Data showed that in the first quarter of this year, STMicroelectronics' sales fell 18.4% year-on-year to US$3.47 billion, and profits fell 50.9% to US$513 million.