On October 18, Infineon, a German chipmaker, signed a multi-year agreement with Hyundai and Kia to supply power semiconductors for the production of electric vehicles. It announced in a statement that it will establish and reserve manufacturing capacity to offer silicon carbide and silicon power modules and chips to Hyundai and Kia until 2030, with the two automakers contributing financially.

"This collaboration not only allows Hyundai Motor and Kia to stabilize their semiconductor supply, but it also positions us to solidify our leadership in the global EV (electric vehicle) market," said Hyundai Executive Vice President Heung Soo Kim in a statement.

Infineon sells semiconductors and systems to the automotive, industrial, and multimarket industries, as well as chip cards and security devices. Infineon has subsidiaries in the Asia-Pacific area in Milpitas, California, Singapore, and Tokyo, Japan.

Infineon has several facilities in Europe, including one in Dresden. The high-power segment of Infineon is located in Warstein, Germany; Villach, Graz, and Linz, Austria; Cegléd, Hungary; and Italy. It also has research and development centers in France, Singapore, Romania, Taiwan, the United Kingdom, Ukraine, and India, as well as manufacturing operations in Malaysia, Singapore, Indonesia, and China. In Porto, Portugal, there is also a Shared Service Centre.