➀ China's electric vehicle market captures 66% of the global market with a monthly sales record of 1.1 million vehicles in September 2024;

➁ China's market share in the global electric vehicle market reached 720,000 vehicles from January to September 2024, with a year-on-year growth rate of 35%;

➂ China's electric vehicle industry faces the issue of over-reliance on imported chips, with more than 90% of chips being imported, and the dependency rate of computing and control chips reaching 99%;

➃ The Chinese government plans to increase the proportion of domestically purchased auto chips to 20%~25% by 2025.

➀ Japanese companies are ramping up mass production of GaN power semiconductor devices for electric vehicles to increase range, although high costs remain a barrier.

➁ GaN is competing with SiC for applications in electric vehicle power semiconductor devices.

➂ GaN has very low power loss, which could reduce the charging time for electric vehicles from 90 minutes to 5 minutes.

➃ Companies like Sumitomo Chemical and Mitsubishi Chemical are investing in large diameter substrates to lower production costs.

➄ Toyota Synchro Corporation is working on integrated development from seeds to substrates and devices.

➅ Shin-Etsu Chemical is developing 300mm substrates for horizontal devices and 200mm substrates for vertical devices.

➆ GaN devices have a market size of over $2.3 billion in 2030, expected to grow from $220 million in 2023.