Onsemi Surpassed $2B in Quarterly Revenue for First Time

Demand in chipmaker Onsemi’s key “focus areas” of automotive and industrial “continues to outpace supply,” said CEO Hassane El-Khoury on a Q2 earnings call Monday. Record Q2 revenue of $2.09 billion was up 25% year over year and was the first time Onsemi -- formerly called On Semiconductor -- topped $2 billion in revenue in a single quarter, he said. The “volatility” in global energy markets is “driving an accelerated adoption of electric vehicles,” said the CEO. Though internal combustion engine vehicle sales were nearly flat in 2021, EVs grew by 94% and are expected to rise at a 22% compound annual growth rate in the next five years, reaching 45% of “total light vehicle” unit sales, he said. EVs require up to $700 of incremental Onsemi content for drive-train and onboard charging compared with an internal combustion engine car, he said.