Onsemi, which has laid off 1,360 employees so far this year, forecast revenue of $1.95 billion to $2.05 billion, below expectations of $2.18 billion. In an interview, El-Khoury said the company still expects EV demand to grow, but more slowly. The job cuts announced Monday had been planned as part of a larger strategy shift to internally manufacture its more profitable chips and save costs by outsourcing other chips.
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