Qualcomm Automotive Revenue Jumps 61% Despite U.S. EV Sales Decline
What happened
Qualcomm's automotive revenue grew 61.4% year over year, reaching $1.588 billion in its latest reported quarter. This growth occurred despite a 29.2% fall in U.S. battery-electric vehicle sales through September. Global plug-in sales are accounted for by Greater China and Europe, which together represent 79% of the market, compared to only 6% for the U.S.
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Why it matters
The revenue growth demonstrates that Qualcomm's Snapdragon platforms are successfully serving various vehicle types, including gasoline, hybrid, and electric. The company's business model is increasingly reliant on its global sales in Europe and Greater China.
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Who's involved
- QualcommGlobal semiconductor company whose revenue is tied to automotive sales.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Volkswagen GroupSpeculative
The company could face increased demand for advanced automotive computing platforms in the European market.
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The entities involved
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Europe
terrestrial continent located in north-western Eurasia
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Qualcomm
American global semiconductor company
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