Wolfspeed's use of silicon carbide enables the computer chips used in electric vehicles and other advanced technologies to be more efficient. The North Carolina-based company's two projects are estimated to create 2,000 manufacturing jobs as part of a more than $6 billion expansion plan. In 2023, President Joe Biden spoke at Wolfspeed to promote his economic agenda, saying it would help the United States outcompete China. Trump narrowly won North Carolina during the 2020 presidential election and has talked about bringing back the state's furniture manufacturing sector. Wolfspeed also expects to receive $1 billion from an advanced manufacturing tax credit, meaning the company in total will have access of up to $2.5 billion.

Source: ABC News October 15, 2024 13:09 UTC