Yutong Group to Deliver Its First Electric Bus in China to Use Silicon Carbide in Powertrain

StarPower Semiconductor and Cree, Inc. (Nasdaq: CREE), a leader in silicon carbide semiconductors, announce that Zhengzhou Yutong Group Co., Ltd. (Yutong Group), a large-scale industrial Chinese manufacturer of commercial vehicles that specializes in electric buses, is using Cree 1200V silicon carbide devices in a StarPower power module for its new, industry-leading, high-efficiency powertrain system for electric buses. The use of silicon carbide-based power solutions enable faster, smaller, lighter and more powerful electronic systems for commercial electric vehicles.

The parties are working together to accelerate the commercial adoption of silicon carbide-based inverters in electric bus applications. Upon rollout, Yutong Group will deliver their first electric bus in China to use silicon carbide in its powertrain, representing a significant advancement in providing an even more efficient e-bus to the market.

"Cree and StarPower’s collective effort in driving the innovation of silicon carbide technology perfectly fits with Yutong’s high-end roadmap of powertrain products,” said Mr. Wei Wei, General Manager, Electronic Devices Business Unit Yutong Group. "Yutong is committed to helping travelers experience the comfort and beauty of the world through sustainable bus travel, and this collaboration ensures we are able to provide an even more efficient electric bus through the benefits of silicon carbide.”

Coupled with StarPower’s power module technology, the use of Cree’s silicon carbide-based MOSFET in the powertrain will help extend driving range while lowering weight and conserving space.

"StarPower entered the new energy vehicle market in 2008 and, in that time, we have won the recognition from worldwide new energy vehicle customers as a leader in the space. It’s our great honor to become the power module supplier of the Yutong powertrain system,” said Mr. Shen Hua, CEO of StarPower. "We are committed to bringing customers more state-of-the-art products and will continue strengthening our competitiveness.”

Cree is committed to driving the global transition from silicon to silicon carbide and is currently expanding manufacturing capacity to support the expected growth of the electric vehicle marketplace. In 2022 the company plans to open the world’s largest silicon carbide fabrication facility in New York while at the same time significantly expanding silicon carbide crystal growth capacity at its operations in North Carolina. The company offers a comprehensive set of silicon carbide and GaN (Gallium nitride) power and RF (radio frequency) solutions through its Wolfspeed business unit.

"Cree’s technology is at the heart of the dramatic change underway in electric vehicles for the commercial and consumer markets, and we are committed to supporting the industry as it transitions to more efficient, higher performing silicon carbide solutions,” said Gregg Lowe, CEO of Cree. "The work with StarPower and Yutong Group is a great example of how strong partnerships can deliver innovative solutions to the marketplace. As the world leader in silicon carbide, Cree is continuing to expand capacity to meet market demands with our industry-leading power MOSFETs to help achieve a new, more efficient future.”

As a leading power module supplier in the China market, StarPower provides a complete range of industry-leading power modules to customers. In 2017, StarPower’s automotive module production headquarters was founded in Shanghai China, which enables the company to provide customers even better capacity and quality guarantees.

About Yutong Bus

Yutong Bus was listed in Shanghai Stock Exchange in 1997 (Stock code: 600066), becoming the first listed company in China’s bus industry. In 2019, it delivered 58,688 buses, 20,937 units of that were new energy buses, held the market share of 27.8%. In China, 1/3 of the large and medium sized buses are from Yutong. By end of 2019, cumulative production and sales of new energy bus by Yutong Group had exceed 120,000 units, leading worldwide bus industry. Zhengzhou Jingyida Auto Parts Co., Ltd, a strategic business unit of Yutong Group, founded in 2009, now with 5,000 employees, is working toward one of the important pillars of Yutong Groups business, and an industrial leading supplier in auto parts industry as well.

About Cree, Inc:

Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs. Cree’s Wolfspeed product portfolio includes silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging, inverters, power supplies, telecom and military and aerospace. Cree’s LED product portfolio includes blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications.

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2019, and subsequent filings. For additional product and company information, please refer to www.cree.com.

Cree® and Wolfspeed® are registered trademarks of Cree, Inc.

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