• On 27–28 April 2026, NIO and Geely Auto Group each announced expanded collaborations with onsemi to integrate its EliteSiC silicon carbide power technologies into their next-generation 900V electric vehicle platforms and SEA-S hybrid architecture.
• These deeper, system-level integrations highlight how semiconductor design decisions are increasingly shaping real-world EV performance, from charging convenience to driving range and overall efficiency.
• Next, we’ll examine how this deeper EliteSiC integration into high-voltage EV platforms could influence ON Semiconductor’s existing investment narrative.

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ON Semiconductor Investment Narrative Recap

To own ON Semiconductor, you need to believe its bet on silicon carbide and high value automotive and industrial power chips can offset cyclical swings and portfolio exits. The NIO and Geely integrations reinforce the core EV catalyst in China, but they do not remove the near term overhang from weak utilization and competitive pressure in SiC or dependence on a cyclical auto market.

The expanded NIO collaboration around 900V platforms ties directly into ON’s core EV design win story, especially in China where management and analysts see key growth. It connects with prior EliteSiC product launches and broader auto partnerships, framing EliteSiC as central to ON’s effort to lift margins and better use its SiC capacity if end market demand cooperates.

Yet despite these promising EV wins, investors still need to be aware of how underutilized fabs and rising SiC competition could...

ON Semiconductor's narrative projects $7.6 billion revenue and $1.9 billion earnings by 2029. This requires 8.4% yearly revenue growth and about a $1.8 billion earnings increase from $121.0 million today.

Uncover how ON Semiconductor's forecasts yield a $68.28 fair value, a 31% downside to its current price.

Exploring Other Perspectives

Some of the lowest estimate analysts were assuming revenue of about US$7.4 billion and earnings of roughly US$1.7 billion by 2029, which is far more cautious than the consensus. When you compare that to fresh EV deals like NIO and Geely, it shows how differently you might weigh partnerships versus concerns about overcapacity and margin pressure, and why it is worth looking at several competing narratives before deciding what you believe.

Explore 7 other fair value estimates on ON Semiconductor - why the stock might be worth as much as $74.24!

Form Your Own Verdict

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your ON Semiconductor research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• Our free ON Semiconductor research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ON Semiconductor's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.