Recently, reports on Li Auto spinning off SICO Semiconductor have drawn significant industry attention, making the external supply of SiC power module plants invested by OEMs a hot topic.
According to a report by 36Kr, in 2026, Li Auto has spun off some of its businesses to initiate an external supply plan, which includes the joint-venture SiC power module business of SICO Semiconductor.
The report further mentioned that SICO Semiconductor began independent operations in early 2026, assuming sole responsibility for its own profits and losses. It is also actively seeking external customers from multiple channels and plans to introduce external investment.
On September 21, Ma Donghui, President of Li Auto, confirmed this information in an interview, stating that the external supply of standardized components such as SiC modules helps amortize R&D costs.
In fact, in addition to SICO Semiconductor, power module enterprises invested by other automakers have already adopted the external supply model.
In July this year, Ruidi Microelectronics announced externally that their A4 series automotive-grade IGBT power modules are supplied to Leapmotor's new B10 model and other B-series models.
In addition, Ruidi Microelectronics revealed that, apart from Chery Automobile, their power module products have also entered the supply chains of mainstream OEMs such as BYD and Geely, with a cumulative installation of over 400,000 units.
Founded in June 2019, Ruidi Microelectronics was incubated by Chery Automobile. Chery Technology is its largest shareholder and actual controller, holding approximately 27.65% of the shares.
According to a 2024 report by CNR News, the IGBTs produced by Zhixin Technology are also supplied to BYD, as well as multiple models under Dongfeng Motor, including Voyah, M-Hero, Dongfeng Passenger Vehicle, and Dongfeng Commercial Vehicle.
The predecessor of Zhixin Technology was Dongfeng Electric Vehicle Co., Ltd., established in 2001. In September 2019, Dongfeng Motor Corporation underwent a strategic restructuring and officially established Zhixin Technology, with Dongfeng Group holding an 82.14% equity stake.
Notably, the supply side of third-party SiC power semiconductors is also undergoing changes.
According to research, in 2026, some international SiC companies are also adjusting their strategies to better conduct SiC business in China, with many choosing to engage in deep cooperation with Chinese SiC module enterprises.
On August 24, Bosch announced a deep cooperation with Macmic focusing on SiC power modules.
According to Bosch, their cooperation is not a single SiC chip supply relationship. Instead, they aim to adopt a model of "SiC chip + ecosystem cooperation," leveraging their respective advantages in SiC chip technology and power module development and manufacturing to accelerate the market deployment of SiC products from both Bosch and Macmic in the power module market.
This cooperation primarily targets market opportunities in NEV (New Energy Vehicle) main drive inverters, AI (Artificial Intelligence) data centers (AIDC), and SST (Solid-State Transformer).
In addition to Bosch, according to research by Aspen Research, more than three international SiC companies are adopting the model of deep cooperation with Chinese module enterprises.
For example, in August 2025, Toshiba and Basic Semiconductor signed a strategic cooperation agreement. Regarding this cooperation, they hope to combine their advanced SiC and IGBT chip technologies with high-performance, high-reliability power module technologies to provide more competitive power semiconductor solutions for the global automotive and industrial markets.
The adjustment of the SiC power module supply chain in the automotive market in this round is just one aspect of the industry, representing the business path choices of some enterprises. However, it is a rational correction to the supply panic in previous years and a true reflection of market supply and demand conditions.
For the industry, the true revelation lies in the fact that competition in SiC power semiconductors is shifting towards a focus on operational efficiency. As a manufacturing industry, capacity utilization rate and return on investment are fundamental to enterprise development, marking a critical step for the industry towards high-quality development.
The above content is based on the research information from the "2026 SiC Devices and Modules Industry Research White Paper." If you have more information on the development of the SiC industry, please feel free to contact us.
This article is published by [Aspen Research], focusing on industry observation of third-generation semiconductors (SiC and GaN).