💨 Abstract

Wolfspeed, a chipmaker based in Durham, North Carolina, has removed CEO Gregg Lowe due to challenges from slowing demand for electric vehicles and manufacturing issues. The company is facing a weak demand environment, slowing orders from industrial and energy markets, and has announced the shutdown of a factory. Its shares have dropped 85% this year.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖