Why ON Semiconductor Stock Slumped in October

The latter dynamics can be seen in CEO Hassane El-Khoury's commentary on the earnings call. In other words, ON Semiconductor hit an annualized rate of $1 billion in production of silicon carbide chips in the third quarter. In the following sentence, he noted that "for the full year, a single automotive OEM's [original equipment manufacturer] recent reduction in demand will impact our $1 billion target, and we now expect to ship more than $800 million of silicon carbide in 2023."