By Mauro Orru

Renault SA and STMicroelectronics NV are working together to secure supplies of key semiconductor components for the French car maker's electric and hybrid vehicles, as a shortage of components continues to squeeze the auto industry.

The companies said Friday in a joint statement that their partnership would focus on the supply of electric and hybrid vehicle advanced power semiconductors to be produced from 2026.

The European chip maker is set to benefit from significant volumes guaranteed for the annual usage of power modules and transistors from 2026 to 2030.

"This partnership secures future supplies of key components which will significantly contribute to reducing wasted energy by 45% and decreasing the cost of the e-powertrain by 30%, helping us fulfil our ambition of making electric vehicles affordable, profitable and popular," Renault Chief Executive Officer Luca de Meo said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

June 25, 2021 04:31 ET (08:31 GMT)

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