Why did chipmaker Wolfspeed forecast revenue below estimates?

Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth. DURHAM, N.C.-- (BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) today announced its results for the third quarter of fiscal 2024.

Does Wolfspeed have a new name?

Oct 4 (Reuters) - Chipmaker Wolfspeed Inc on Monday announced a deal with General Motors to supply silicon carbide power devices for future electric vehicle programs, as Wolfspeed changed its name from Cree Inc.

What is Wolfspeed's deal with General Motors?

Wolfspeed makes chips at two small factories in North Carolina and is building a larger one in New York that will come online in about five months, the company says. Car makers are "looking for supply assurances," Gregg Lowe, Wolfspeed's chief executive, told Reuters in an interview.