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Wolfspeed Exceeds Q2 Revenue Expectations Amid Operational Shifts

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Wolfspeed (WOLF.N) outperformed Wall Street expectations for second-quarter revenue and reported a smaller-than-anticipated net loss, demonstrating progress as the company implements changes to enhance profitability.

In the first quarter of 2025, Wolfspeed shut down some facilities and transitioned its device business to a 200-millimeter silicon carbide fab. This move aims to improve product efficiency and increase production capacity, especially in response to the growing demand for chips utilizing silicon carbide technology. These chips are critical for high-power applications such as electric vehicle powertrains, e-mobility, renewable energy systems, battery storage, and AI data centers.

For Q2, Wolfspeed reported revenue of $180.5 million, slightly exceeding the average analyst estimate of $179.9 million. The company’s net loss per share was 95 cents, better than the expected loss of $1.02 per share. The Mohawk Valley Fab facility contributed around $52 million in revenue.

Despite weak demand from automotive clients, Wolfspeed made leadership changes in November, replacing CEO Gregg Lowe with Thomas Werner, who took on the role of executive chairman as the company searches for a permanent CEO.

Looking ahead, Wolfspeed projects third-quarter revenue from continuing operations to range from $170 million to $200 million, with the midpoint falling short of analysts’ expectations of $193.6 million. The company anticipates an adjusted quarterly loss per share between 88 cents and 76 cents, compared to estimates of a loss of 86 cents. It also expects restructuring-related costs of $72 million for the third quarter.

 

BGMI Launches Mahindra BE 6-Themed Event, Offering Gamers a Chance to Win the eSUV

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Battleground Mobile India (BGMI), one of the most popular battle royale games in the country, has recently introduced a new and exciting feature for its players. The game now includes the Mahindra BE 6, the first electric vehicle (EV) to appear within its virtual world. This marks a significant milestone as BGMI expands its in-game vehicle offerings. Earlier this week, Mahindra began test drives of their newly unveiled eSUV in six cities, and now gamers can experience this vehicle firsthand while playing BGMI. The collaboration between the game and Mahindra also brings Mahindra BE 6-themed content, including special events and a month-long contest that offers players the chance to win the real eSUV through a lucky draw.

While BGMI has long allowed players to drive various cars, such as those from luxury brands like Aston Martin, Lamborghini, and Volkswagen, all of these vehicles are powered by internal combustion engines (ICE) that rely on fuel supplies. The Mahindra BE 6, however, marks a departure from this, as the first electric vehicle to make an appearance in the game. It is also noteworthy for being the first vehicle from an Indian car manufacturer to be featured in BGMI, showcasing the growing integration of local brands into the digital entertainment space.

The collaboration between Krafton, the developers of BGMI, and Mahindra has ensured that the in-game version of the Mahindra BE 6 closely resembles the real-life vehicle. The game’s developers used the same 3D models as the actual eSUV, ensuring a high level of accuracy in the representation. The vehicle’s interiors are also meticulously recreated, allowing players to experience the design and features of the BE 6 within the game’s virtual environment. This attention to detail brings a sense of realism and excitement for players who are keen on exploring the newest addition to the game.

In addition to the thrill of driving the Mahindra BE 6 in BGMI, players will have the chance to use it for quick travel across the game map, just as they would with other in-game vehicles. The introduction of this EV adds a fresh dynamic to the game, combining the thrill of battle royale action with the eco-friendly appeal of electric vehicles. The partnership between BGMI and Mahindra not only brings a new in-game feature but also bridges the gap between gaming and the real world, offering players a chance to win an actual Mahindra BE 6 through the contest.

Trump Revokes Biden’s 50% EV Target, Freezes Charging Station Funds

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U.S. President Donald Trump has revoked a key executive order from his predecessor, Joe Biden, which aimed for electric vehicles (EVs) to account for 50% of new car sales in the U.S. by 2030. In addition, Trump has halted the distribution of unspent government funds for EV charging infrastructure and signaled potential changes to policies favoring electric vehicles.

Key Points:

  • Revocation of EV Target: Trump annulled Biden’s 2021 order to have half of all new vehicles sold be electric by 2030, a target that, though non-binding, had received support from automakers.
  • Freezing Funds: Trump’s order freezes $5 billion allocated for vehicle charging stations that remains unspent.
  • State Waivers: Trump called for the end of state waivers that allow states like California to impose stricter zero-emission vehicle rules, including the plan to ban gasoline-only vehicle sales by 2035.
  • Reconsidering Emissions Rules: The Trump administration plans to review emissions regulations, which require automakers to sell between 30% to 56% EVs by 2032, in line with federal and state emissions targets.
  • Potential Elimination of EV Tax Credits: Trump’s order suggests that his administration could eliminate EV tax credits and other subsidies for electric vehicles, arguing that these policies distort the market.
  • Focus on Oil and Gas: Trump reiterated his support for increasing U.S. oil production while seeking to reverse Biden’s clean energy initiatives, including subsidies for solar, wind, and hydrogen production.