Magnachip to Expand Its Industrial IGBT Business Based on Advanced Traction Inverter IGBT Technology Jointly Developed in Strategic Partnership with Hyundai Mobis
- Magnachip to leverage accumulated expertise in automotive IGBT technology via 10-year collaboration with Hyundai Mobis
Magnachip Semiconductor Corporation (NYSE:MX) ("Magnachip" or the "Company") today announced it has concluded an agreement with Hyundai Mobis Company Limited (hereinafter "MOBIS") regarding the use of high-performance Insulated Gate Bipolar Transistor (IGBT) technology, and plans to expand its business based on this technology. Hyundai Mobis is a global auto parts provider focused on delivering differentiated mobility solutions that combine software and hardware.
IGBTs are power semiconductors used in high-power systems that require both high voltage and high current. According to market research firm Omdia, the global IGBT market value exceeded $11 billion in 2024 and is projected to grow from $12.3 billion in 2025 to $16.9 billion by 2028.
IGBTs used in traction inverters targeted for hybrid electric vehicles and electric vehicles (EVs) are experiencing rapid market growth. Since the efficiency and reliability of IGBTs significantly impact inverter performance, only a few power industry market leaders can offer the stable mass-production capabilities required for high-voltage and high-current products that currently lead the market.
Recognizing the increasing importance of internalizing core power semiconductor technologies for traction systems, MOBIS and Magnachip have collaborated since 2015 on the development of IGBTs for traction inverters. Under this partnership, MOBIS has led the structural design, while Magnachip has contributed its expertise primarily in semiconductor process technology. Following system-level evaluation and validation, the two companies recently developed new IGBT products that meet the stringent requirements of EVs. MOBIS currently plans to begin mass production of inverters incorporating these IGBTs in 2026.
Furthermore, Magnachip is leveraging the jointly-developed design technology to drive further development and commercialization of its own IGBT products. As part of these efforts, the Company plans to launch a new series of industrial IGBTs in the first half of next year, in line with its strategy to strengthen technological competitiveness and solidify its position in the global power semiconductor market, with a focus on the industrial, AI, and renewable energy markets.
"This strategic partnership marks an important step in advancing our IGBT capabilities," said Camillo Martino, CEO of Magnachip. "The development of our new seventh-generation IGBT product family significantly enhances our portfolio and positions us to compete more effectively in high-performance, premium markets. Magnachip is actively targeting high-value opportunities in industrial, AI and renewable energy applications, which we expect to represent a larger share of our product mix in the coming years."
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About Magnachip Semiconductor
Magnachip is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a portfolio of approximately 1,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip's website is not a part of, and is not incorporated into, this release.
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