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Silicon Carbide for EV Market Poised to Reach US$ 3.0 Billion by 2034, Fueled by Accelerating Adoption of Electric Vehicles and Green Technologies | TMR

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The global surge in electric vehicle (EV) adoption, driven by environmental concerns and stringent government regulations to reduce carbon emissions, is significantly boosting the demand for high-performance and efficient power electronics.

WILMINGTON, Del., July 25, 2024 /PRNewswire/ — The global silicon carbide for EV market stood at US$ 879.3 million in 2023, and the global market is projected to reach US$ 3 billion in 2034. The silicon carbide for EV market is anticipated to expand at a CAGR of 11.9% between 2024 and 2034.

The rapid adoption of electric vehicles (EVs) worldwide is driven by increasing environmental awareness and stringent government regulations aimed at reducing carbon emissions. As the automotive industry shifts towards greener technologies, the demand for advanced power electronics has surged, highlighting the crucial role of silicon carbide (SiC) in EVs. Silicon carbide, known for its superior electrical properties, has emerged as a key material in the development of high-efficiency components essential for electric powertrains.

One of the primary advantages of silicon carbide over traditional silicon-based semiconductors is its ability to operate at higher voltages, temperatures, and frequencies. These characteristics enable SiC components to deliver better performance and efficiency, which are critical for the power management systems of EVs. For instance, SiC-based inverters can convert DC to AC power more efficiently, leading to improved battery utilization and extended driving range.

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Major players in the global silicon carbide market are investing heavily in research and development to enhance the performance and reliability of SiC-equipped components. Companies are focusing on innovations that can further reduce energy losses, minimize heat generation, and improve the overall durability of power electronic systems. This technological advancement is not only crucial for the efficiency of electric powertrains but also for the reduction of the overall system size and weight, which can positively impact vehicle design and manufacturing costs.

The growing integration of silicon carbide technology in EVs is set to revolutionize the automotive industry by providing more efficient, reliable, and eco-friendly solutions. As the market for electric vehicles continues to expand, the role of silicon carbide will become increasingly significant, driving advancements in power electronics and contributing to the global efforts in reducing carbon emissions and promoting sustainable transportation solutions.

Silicon Carbide for EV Market Report Scope:

Report Coverage

Details 

Forecast Period  

2024-2034

Base Year  

2020-2022

Size in 2023

US$ 879.3 Mn

Forecast (Value) in 2034

US$ 3.0 Bn

Growth Rate (CAGR) 

11.9 %

No. of Pages 

123 Pages 

Segments covered 

By Battery Type, By Application, By Voltage Type, By Component, By End-user

Key Takeaways of Market Report

Global silicon carbide for EV market to generate absolute dollar opportunity worth US$ 3 billion until 2034.Global silicon carbide for EV market is valued at US$ 879.3 million in 2023.Asia Pacific is forecasted to hold the largest share in 2023.

Silicon Carbide for EV Market: Growth Drivers Top of Form

Efficiency is a key driver for the adoption of silicon carbide (SiC) technology in the electric vehicle (EV) sector. SiC’s intrinsic properties, such as high thermal conductivity and low power losses, enable it to operate more efficiently than traditional silicon-based components, minimizing energy wastage in EV powertrains.According to the silicon carbide market report for EVs, SiC power modules dominate the market. These modules, which integrate SiC MOSFETs, SiC diodes, gate drivers, and protection circuitry, are major consumers of silicon carbide in EVs, offering a comprehensive and efficient solution for power electronics and enhancing overall system efficiency in electric vehicles.

Silicon Carbide for EV Market: Regional Landscape

The silicon carbide market analysis for EVs indicates that Asia Pacific holds a significant share in the global market. This region includes some of the world’s largest and fastest-growing EV markets, such as China, Japan, and South Korea, which actively promote EV adoption through incentives, subsidies, and regulations to reduce air pollution and greenhouse gas emissions.This proactive stance results in substantial demand for advanced technologies like silicon carbide, essential for enhancing the performance and efficiency of electric drivetrains in vehicles produced and sold in the region. The integration of SiC technology supports the region’s ambitious environmental goals and drives the growth of the silicon carbide market.

Silicon Carbide for EV Market: Key Players

In 2023, Infineon Technologies AG made significant strides in the silicon carbide (SiC) market for electric vehicles by introducing its new CoolSiC™ MOSFET 1200 V portfolio. This development focuses on enhancing the performance and efficiency of power electronics in EVs.In 2023, STMicroelectronics advanced its position in the silicon carbide market for electric vehicles with the launch of its third-generation STPOWER SiC MOSFETs.

Silicon Carbide for EV Market: Segmentation

Application

Traction InverterDC-DC ConverterOn-board Charger (OBC)

Component

SiC Power ModulesSiC Transistors (MOSFET)SiC Diodes

Vehicle Type

Two WheelersPassenger CarsHatchbackSedanSUVsLight Commercial VehiclesHeavy Duty TrucksBuses and Coaches

Propulsion

Battery Electric Vehicles (BEVs)Hybrid Electric Vehicles (HEVs)Plug-in Hybrid Electric Vehicles (PHEVs)

Voltage

Up to 650 V650 V – 800 VMore than 800 V

Region

North AmericaEuropeAsia PacificMiddle East & AfricaLatin America

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Explore Transparency Market Research Inc. Extensive Coverage On Automotive Domain:

Automotive Lead-acid Battery Market – The global market for automotive lead-acid batteries is projected to surge significantly at a CAGR of 4.7% between 2023 and 2031. As per Transparency Market Research, the total sales of automotive lead-acid batteries are anticipated to reach US$ 27.7 billion by the end of the forecast period.Automotive Camera Market – The automotive camera market was valued at US$ 5.4 billion in 2021. The Automotive Camera market is expected to reach US$ 13.2 billion by 2031. Automotive Camera market revenue will increase at a CAGR of 9.3% from 2022 to 2031.Vehicle Headlight Control Module Market is estimated to grow at a CAGR of 4.1% from 2024 to 2034 and reach US$ 7.7 Bn by the end of 2034Automotive Smart Electric Drive Market is estimated to advance at a CAGR of 18.6% from 2024 to 2034 and reach US$ 14.2 Bn by the end of 2034

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Technology

Hexagon releases new targets at its Capital Markets Day 2026

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Hexagon is the global leader in precision measurement, positioning and autonomous solutions with a serviceable addressable market of ~€38bn by 2030.Hexagon’s €3.7bn in revenue and ~17,000 employees are across three Business Areas – Manufacturing Intelligence, Infrastructure & Especial and Autonomous Solutions plus a Robotics Division currently in an investment phase.Recent portfolio actions, including the upcoming separation of Octave, the sale of the Design & Engineering business and the announced acquisition of Agate Technologies, have focused Hexagon on its strong core business in precision measurement & positioning technologies.Hexagon’s organic growth will be driven by strong end market potential and structural tailwinds, new product introductions and an operating model focused on accountability and closeness to customers.Hexagon launches new financial targets for the 2026 – 2030 period of average organic revenue growth of 4-6%, an EBITDA margin of 24-26%[1] and an EBITDA cash conversion of 90-100%. It also targets reducing Scope 1 & 2 emissions by 70% by 2030, from a 2022 baseline.

[1] EBITAC is defined as adjusted EBIT1 excluding capitalised and amortised R&D. See pages the appendix for further information

STOCKHOLM, April 30, 2026 /PRNewswire/ — Hexagon AB is hosting its Capital Markets Day today in London. At the event, President and CEO Anders Svensson, CFO Enrique Patrickson and the Presidents of Hexagon’s Business Areas will set out Hexagon’s ambitious growth strategy and its new 2026–2030 financial targets.

“Hexagon enters this new phase as a focused global leader in precision measurement and positioning, with a solutions portfolio essential to enabling industrial autonomy,” said Anders Svensson, President and CEO of Hexagon. “Our new targets reflect both the quality of our portfolio and the discipline of The Hexagon Way. With a strong leadership team and the financial flexibility to invest behind our growth priorities both organically and through synergistic acquisitions, we are well placed to deliver value creation for shareholders.”

“Today we are taking transparency to the next level — enhancing our disclosures, introducing EBITAC as our key profitability metric and providing clarity around our capital allocation priorities,” said Enrique Patrickson, CFO of Hexagon. “EBITAC is the right metric for Hexagon, a technology company with a significant R&D spend, funding market-leading product launches that drive our growth. With additional transparency comes additional accountability. We commit to drive capital allocation around R&D, M&A and Dividends with discipline and rigor.”

New sustainability targets

70% reduction in Scope 1 & 2 emissions by 2030 (from 2022 baseline)Net-zero by 2050

New 2026–2030 financial targets

Average annual organic revenue growth of 4-6%EBITAC margin in the range of 24-26%Annual cash conversion (of EBITAC) of 90-100%

A focused group focused on enabling industrial autonomy

Hexagon has undertaken significant portfolio changes, namely the upcoming spin-off of Octave and the sale of the Design & Engineering business. The resulting business is a focused global leader in precision measurement and positioning with proforma 2025 revenue of €3.7bn, EBITAC of €826m (22% EBITAC margin) and ~17,000 employees.

Hexagon is organised into three business areas – Manufacturing Intelligence, Infrastructure & Geospatial (formerly Geosystems) and Autonomous Solutions – alongside the Robotics Division, currently in an investment phase.

The overarching growth opportunity that underpins Hexagon’s long-term strategy is enabling customers to move towards true autonomy in their industrial operations.

President and CEO Anders Svensson will outline how Hexagon’s precision measurement and positioning technologies, digital twins and spatial intelligence capabilities are essential to enabling this true industrial autonomy. Hexagon holds market leadership positions across its serviceable addressable market, which is estimated to grow to ~€38bn by 2030.

Anders will also outline the key changes to Hexagon’s operating model. The Hexagon Way is an accountability-driven, decentralised model built around three strategic enablers: innovation and AI; portfolio management and M&A; and people & culture.

Central to this model is a clear accountability structure: the group’s three Business Areas are divided into 17 Divisions, each with full ownership of its financial performance and a defined strategic mandate covering three value creation priorities – Stability, Profitability and Growth.

The group-wide enablers allow Divisions to identify and execute on strategies targeted specifically to their markets and customers while drawing on the scale and resources of the broader Hexagon organisation. This balance of focused execution at the Division level and shared capability at the group level is designed to unlock each Division’s full potential and drive overall performance and shareholder value.

Hexagon’s new mid-term financial targets for 2026 to 2030 will be outlined by CFO Enrique Patrickson alongside a new financial framework including revised metric definitions designed to improve transparency, capital allocation and shareholder value creation.

The new 2026-30 through the cycle targets are:

Average annual organic revenue growth of 4–6% (CAGR 2026–2030)EBITAC margin in the range of 24–26%Annual cash conversion (of EBITAC) of 90–100%

In 2025, Hexagon achieved organic growth of 2.6%, an EBITAC margin of 22% and cash conversion (of EBITAC) of 109%.

Capital allocation

Hexagon’s capital allocation priorities are, in order: reinvestment in organic growth, value-accretive bolt-on M&A, a progressive dividend, and selective larger strategic moves where they enhance long-term shareholder value. The Group’s strong cash conversion and balance sheet provide the flexibility to pursue these priorities through the cycle.

Business Area presentations

Senior leadership from Hexagon’s Business Areas will provide additional context on strategy, markets and Business Area targets. The presenters will be:

Andreas Renulf, President, Manufacturing Intelligence Business AreaHenning Sandfort, President, Infrastructure & Geospatial Business AreaGordon Dale, President, Autonomous Solutions Business AreaArnaud Robert, President, Robotics Division

EBITAC – EBIT1 excluding capitalisation & amortisation of R&D

Hexagon is introducing EBITAC as its primary profitability measure. By immediately reflecting the full cost of R&D investments on the P&L, it will provide a tool to focus management firmly on the return on investment of R&D, go-to-market and capital investments and support performance management and capital allocation. The top end of the target EBITAC margin range (26%) was last achieved in 2021 and corresponds to the highest EBIT1 margin achieved by Hexagon in the last 5-years.

It is defined as adjusted EBIT1 excluding capitalised and amortised R&D.

Hexagon will continue to report EBIT1 (adjusted operating profit) for full transparency. A bridge between reported EBIT, EBIT1 and EBITAC and the EBITAC performance between 2024 and 2025 can be found in the appendix to this announcement.

Profitability metric bridge, 2025

Item

€M

Reported EBIT

575

Add: in year adjustments (impairments, restructuring, LTIP, PPA)

+372

EBIT1

947

Subtract: R&D capitalisation

-340

Add: R&D amortisation

+195

EBITAC

802

Subtract: in year robotics costs

+24

EBITAC (target definition)

826

Robotics – AEON, a potential global market leader in humanoid Robotics

Investment in Robotics to double from €24m in 2025 to €50m in 2026.Pilots with BMW, Schaeffler, Pilatus & Fill underway.Robotics is an exciting opportunity for significant value creation.

Due to its rapidly evolving structure Hexagon has decided to exclude Robotics from the 2026-30 financial targets and the calculation of EBITAC. This gives better visibility on the core group performance.

The financial performance of Robotics will be disclosed on a quarterly basis.

New sustainability targets

Hexagon is committed to operating responsibly for the good of the environment. It has set challenging new targets for emission reductions. Hexagon targets a 70% reduction in Scope 1 & 2 emissions by 2030 (from a 2022 baseline) and net-zero in Scope 1, 2 & 3 by 2050.

In 2025 Hexagon saw a 33% reduction in Scope 1 & 2 emissions from its 2022 baseline.

Joining instructions

The webcast will be streamed here: https://edge.media-server.com/mmc/p/d2han2qw/

FOR MORE INFORMATION, CONTACT:  
Tom Hull, Head of Investor Relations, Hexagon AB, +44 7442 678 437, ir@hexagon.com
Anton Heikenström, Investor Relations Manager, Hexagon AB, +46 8 601 26 26, ir@hexagon.com

This is information that Hexagon AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 30 April 2026.

Appendix – Reconciling EBIT1 & EBITAC performance, 2025 quarterly

Metric

Q1 2025

Q2 2025

Q3 2025

Q4 2025

FY 2025

Revenue €m

961.5

1,010.5

976.0

1,053.1

4,001.2

EBIT1 €m

248.7

260.0

264.7

299.1

1,072.4

Subtract: capitalisation of R&D €m

-94.6

-94.7

-91.1

-84.1

-364.5

Add: amortisation of R&D €m

54.6

54.3

59.2

50.4

218.5

EBITAC €m

208.7

219.6

232.8

265.3

926.4

In year robotics cost €mEBIT

-4.7

-5.9

-5.6

-7.6

-23.7

EBITAC (excluding robotics costs)

213.4

225.5

238.3

272.9

950.1

EBIT1 margin %

25.9 %

25.7 %

27.1 %

28.4 %

26.8 %

EBITAC margin %

21.7 %

21.7 %

23.8 %

25.2 %

23.2 %

EBITAC margin % (excluding robotics costs)

22.2 %

22.3 %

24.4 %

25.9 %

23.7 %

Appendix – Reconciling EBIT1 & EBITAC performance, 2025 quarterly, excluding Design & Engineering

Metric

Q1 2025

Q2 2025

Q3 2025

Q4 2025

FY 2025

Revenue €m

888.2

939.4

907.1

980.3

3,715.0

EBIT1 €m

225.0

231.1

235.5

255.4

947.0

Subtract: capitalisation of R&D €m

-88.6

-88.0

-84.8

-78.3

-339.6

Add: amortisation of R&D €m

48.2

48.0

53.3

45.8

195.3

EBITAC €m

184.6

191.1

204.0

223.0

802.7

In year robotics cost €m

-4.7

-5.9

-5.6

-7.6

-23.7

EBITAC (excluding robotics costs)

189.3

196.9

209.6

230.5

826.4

EBIT1 margin %

25.3 %

24.6 %

26.0 %

26.1 %

25.5 %

EBITAC margin %

20.8 %

20.3 %

22.5 %

22.7 %

21.6 %

EBITAC margin % (excluding robotics costs)

21.3 %

21.0 %

23.1 %

23.5 %

22.2 %

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/hexagon/r/hexagon-releases-new-targets-at-its-capital-markets-day-2026,c4342580

The following files are available for download:

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Hexagon releases new targets at its Capital Markets Day 2026

 

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SOURCE Hexagon

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Accountants Streamline Cash Flow with ezACH Direct Deposit Software

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Eliminate payment delays, reduce manual errors, and gain full control with a low-cost and high-quality ACH solution built for modern accounting workflows.

REDMOND, Wash., April 30, 2026 /PRNewswire/ — Halfpricesoft.com developers understand that businesses demand faster payments and greater financial control, and now accountants are rethinking how they manage transactions. ezACH direct deposit software will simplify payment processing, accelerate cash flow, and reduce costly errors.

Clients are encouraged to download and test ezACH today to purchase to confirm compatibility.

ezACH empowers accountants to securely process electronic payments for clients, vendors, payroll, and tax obligations, all from one streamlined platform. By generating ACH files that can be uploaded directly to a bank, the software removes the need for manual payment handling and outdated processes.

“Speed and accuracy are critical in today’s financial environment,” said Dr. Ge, Founder of Halfpricesoft.com. “ezACH gives accountants the ability to process multiple payments quickly and securely, without added complexity or cost.”

Designed with flexibility in mind, ezACH allows users to manage unlimited transactions for unlimited companies at a one-time flat rate of $199.00, making it a cost-effective alternative to subscription-based payment platforms. Try it today!

Why Accountants Are Making the Switch:

Process ACH payments for vendors, clients, payroll, and tax agenciesEliminate manual entry and reduce costly errorsImport data easily from CSV files or other Halfpricesoft applicationsHandle unlimited companies and transactions with no recurring feesMaintain full control over payment timing and processingClients can upload transactions for up to $4.99 to test compatibility

Halfpricesoft.com offers a variety of applications that will seamlessly integrate with ezACH software:

ezPaycheck: A new version of ezACH has just been released to support import CSV with ezPaycheck importing. ezCheckprinting: Business check writer for vendors, miscellaneous and draft checks. https://www.halfpricesoft.com/product_ezCheck.aspezAccounting: DIY in-house bookkeeping and payroll solution for one flat rate. https://www.halfpricesoft.com/accounting/accounting-software.asp

With a one-time cost of $199 per installation, ezACH offers long-term savings compared to subscription-based services. There are no hidden fees, and users can process unlimited ACH transactions. (Note: Banks may apply their own ACH processing fees. We recommend contacting your bank for compatibility prior to purchase).

Simplify the business operations and boost efficiency with the powerful, all-in-one solutions fromHalfpricesoft.com. To save both time and money, get started today at HalfPriceSoft.com for no cost or obligation

About Halfpricesoft.com

Halfpricesoft.com has been delivering affordable, reliable business software solutions for over 20 years. Its suite of products, including payroll, accounting, check printing, tax filing, and ACH deposit software, helps small businesses, accountants, and nonprofits streamline operations and reduce costs. Trusted by thousands nationwide, Halfpricesoft.com remains committed to simplifying financial management with powerful, budget-friendly tools.

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Neusoft Smart Go and Tencent Cloud Forge Strategic Partnership to Build a New AI-Powered Intelligent Cockpit Ecosystem

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BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Neusoft Smart Go, a subsidiary of Neusoft Corporation (SSE:600718), officially announced its strategic upgrade. The company now aims to become a global leading provider in full-domain upper-body electronics solutions for intelligent vehicles. At the same time, Neusoft Smart Go and Tencent Cloud announced a strategic partnership. Aligning with “AI-defined vehicles” trend, the two parties will focus on key areas such as intelligent cockpits, on-device AI large model applications, ecosystem content integration, in-vehicle cybersecurity, and cloud services. By integrating their technologies and resources, they will engage in in-depth collaboration to develop AI-powered intelligent cockpit products and solutions that offer enhanced interactivity and emotional experiences, accelerating the intelligent transformation of entire vehicles.

The integration of AI large models and ecosystems into vehicles is essentially a full-chain systematic project covering hardware-software architecture adaptation, data processing, compliance assurance, and real-time response. Currently, automakers face challenges such as high in-house R&D expenses, ecosystem integration hurdles, and a lack of differentiated user experiences. They urgently require full-domain solutions that seamlessly integrate hardware and software, offer comprehensive ecosystem coverage, and enable rapid mass production to meet users’ core demands for multi-modal interaction, full-scenario services, and continuous OTA updates.

As a leading cloud service provider in China, Tencent Cloud has core strengths in on-device large models, in-vehicle ecosystems and applications, cloud services, and data compliance assurance. It also offers a full-chain app ecosystem spanning social media, music, maps, and more. In this partnership, the two parties will take Neusoft Smart Go’s next-gen intelligent cockpit system as the core platform, deeply integrating Tencent Cloud’s on-device large models to jointly develop a benchmark AI-powered intelligent cockpit featuring natural conversations, proactive interactions, and highly emotional, smooth experiences. Furthermore, they will fully integrate a wide range of ecosystem apps, enabling seamless transitions between mobile phones and in-vehicle systems across all scenarios.

At present, Neusoft Smart Go has established a product matrix covering a full range of in-vehicle electronics solutions, including central computing platforms, cockpit-driving-parking integration, intelligent cockpits, intelligent communications, intelligent audio systems, and zonal control units. Through a dual-track strategy of high-end cutting-edge solutions and mature standardized products, it can flexibly meet the mass production needs of vehicle models across different regions and price segments worldwide. Leveraging Tencent’s intelligent driving cloud, data compliance, OTA technical support, and AI platform services, the two parties will provide stable, secure, and intelligent hardware-software integrated solutions tailored to the diverse needs of global automakers, comprehensively assisting them in achieving intelligent and AI-driven upgrades for entire vehicles.

Jian Guodong, Senior Vice President of Neusoft and CEO of Neusoft Smart Go, said, “The integration of AI large models and full-scenario ecosystems represents an inevitable trend and a shared vision for both Neusoft Smart Go and Tencent Intelligent Mobility. Leveraging Neusoft Smart Go’s technical expertise in the full domain of upper-body electronics and Tencent’s leading solutions in AI large models and full-chain ecosystems, the two parties will collaborate to provide global automakers with truly mass-producible and evolvable AI-powered intelligent cockpit solutions.”

Zhong Xuedan, Vice President and Head of Tencent Intelligent Mobility, said, “We share complementary strengths and similar philosophies with Neusoft Smart Go, laying a solid foundation for cooperation. Both parties will further deepen cooperation in AI-powered intelligent cockpits, jointly exploring proactive interactions and emotional services powered by large models, transforming the cockpit into a smarter companion that better understands users.”

The deep integration of on-device AI large models and full-scenario ecosystems is reshaping the value boundaries and user experiences of intelligent cockpits. The automotive industry needs to accelerate innovation and mass production, achieving a balance between advanced technologies and cost-effectiveness. Neusoft Smart Go will focus on enhancing its systematic integration, software-hardware synergy, and global delivery capabilities. Through collaboration with more ecosystem partners, it will provide sustained momentum for the intelligent transformation of the automotive industry.

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SOURCE Neusoft Corporation

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