Magnachip Semiconductor Corporation (NYSE:MX) is one of the best NYSE penny stocks to invest in right now. On November 3, Magnachip Semiconductor Corporation announced an agreement with Hyundai Mobis Company Limited/MOBIS to use advanced and high-performance Insulated Gate Bipolar Transistor/IGBT technology.
The move is intended to facilitate the expansion of Magnachip’s business. MOBIS is a global auto parts provider focusing on mobility solutions, has been collaborating with Magnachip since 2015, which is a 10-year collaboration, to develop IGBTs specifically for traction inverters used in hybrid electric vehicles/HEVs and EVs. Under this partnership, MOBIS managed the structural design, while Magnachip provided its expertise in semiconductor process technology.
IGBTs are crucial power semiconductors that are used in high-power systems that necessitate both high voltage and high current. Due to their impact on inverter performance, their efficiency and reliability are paramount, and only a few market leaders possess the capabilities for stable mass production.
Magnachip Semiconductor Corporation (NYSE:MX) designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the IoT, consumer, computing, industrial, and automotive applications.
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Disclosure: None. This article is originally published at Insider Monkey.