Magnachip Semiconductor Corporation (NYSE: MX) announced plans to expand its industrial Insulated Gate Bipolar Transistor (IGBT) business, building on high-performance traction inverter technology developed in partnership with Hyundai Mobis, a global automotive parts and mobility solutions provider.
The move reinforces Magnachip’s strategy to strengthen its foothold in the global power semiconductor market, targeting high-value applications across industrial, AI, and renewable energy sectors. The collaboration with Hyundai Mobis, which began in 2015, focuses on advancing IGBT technology for traction inverters used in hybrid and electric vehicles (EVs).
IGBTs are key components in high-power systems requiring both high voltage and current, serving as the backbone for efficient energy conversion in EVs. Market research firm Omdia estimates the global IGBT market surpassed $11 billion in 2024 and is projected to grow to $16.9 billion by 2028, driven largely by electrification trends in transportation and industrial automation.
Under the partnership, Hyundai Mobis has led the structural design of the traction inverter IGBTs, while Magnachip has contributed its semiconductor process expertise. The companies recently completed system-level validation of newly developed IGBTs that meet the performance and reliability requirements for electric vehicles. Hyundai Mobis plans to begin mass production of inverters featuring the new IGBTs in 2026.
Magnachip will leverage the jointly developed technology to accelerate commercialization of its own IGBT lineup. The company said it plans to introduce a new series of industrial IGBTs in the first half of 2026, expanding its offerings beyond automotive applications into broader industrial and renewable energy markets.
“This strategic partnership marks an important step in advancing our IGBT capabilities,” said Camillo Martino, CEO of Magnachip. “The development of our new seventh-generation IGBT product family significantly enhances our portfolio and positions us to compete more effectively in high-performance, premium markets.”
