Silicon Carbide can deliver longer driving range and shorter charging times for EVs, an important factor in consumer adoption

Wolfspeed, Inc. (NYSE: WOLF) today announced the company will be supplying Silicon Carbide devices to power future Mercedes-Benz® Electric Vehicle (EV) platforms, enabling greater efficiency in the powertrain. Wolfspeed’s semiconductors will be incorporated into next generation powertrain systems for several Mercedes-Benz vehicle lines.

“Coming from a long-term technical collaboration history between our companies, we have now chosen Wolfspeed as one of our key partners for future Silicon Carbide devices, thus securing preferred long-term supply, technology and quality of this decisive semiconductor component for our electrification offensive,” said Dr. Gunnar Güthenke, Head of Procurement and Supplier Quality for Mercedes-Benz.

As a leader in luxury vehicles, Mercedes-Benz understands the need for superior performance. By leveraging Wolfspeed’s expertise and Silicon Carbide devices to improve vehicle range and power, Mercedes-Benz plans to have some of the most efficient EVs on the road.

“We are pleased to be supporting Mercedes-Benz, an organization with a long, successful history of providing world-class performance and luxury vehicles, as they introduce next-generation EVs to the market with highly efficient power systems,” said Gregg Lowe, CEO of Wolfspeed. “We are continuing to invest in our manufacturing capacity to support a steepening demand curve for Silicon Carbide devices that will not only improve EV performance and drive greater consumer adoption, but also support the sustainability efforts of global automotive leaders like Mercedes-Benz.”

The Silicon Carbide power devices for Mercedes-Benz will be produced at Wolfspeed’s facilities in Durham, North Carolina and its new 200mm Mohawk Valley Fab in Marcy, New York. This Mohawk Valley Fab is the world’s largest Silicon Carbide fabrication facility and is dramatically expanding Wolfspeed’s production capacity. Earlier this year Wolfspeed also announced it was beginning construction on a new Silicon Carbide materials facility in North Carolina, which will expand its Silicon Carbide capacity by more than 10x.

About Wolfspeed, Inc.:

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Twitter: @Wolfspeed

LinkedIn: @Wolfspeed

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking statements. Actual results could differ materially due to a number of factors, including the risks associated with construction of a new device fabrication facility, including issues related to installing and qualifying new equipment, potential production process yield and quality control deviations, and potential unanticipated increases in costs or decreases in output; the risk Wolfspeed may encounter delays or other difficulties in ramping up production of its capacity to supply these products; the risk that Wolfspeed may be unable to manufacture these products with sufficiently low cost to offer them at competitive prices or with acceptable margins; customer acceptance of these new products; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2022, and subsequent filings.

Wolfspeed^® is a registered trademark of Wolfspeed, Inc. Mercedes-Benz® is a registered trademark of Mercedes-Benz Group AG.

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