Company’s Silicon Carbide Power Devices Help Lucid Air Achieve Industry-Leading Performance and Energy Efficiency

Wolfspeed (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced that Lucid Motors deploys its Silicon Carbide power device solutions in the automaker’s high-performance, pure-electric car – the Lucid Air. Wolfspeed and Lucid have a multiyear agreement for Wolfspeed to produce and supply Silicon Carbide devices.

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Automotive Qualified 1200V Silicon Carbide XM3 Half-Bridge Power Module from Wolfspeed. (Photo: Business Wire)

“Lucid’s proprietary powertrain technology – engineered and produced in-house – is at the core of what makes Lucid Air the most advanced and most efficient luxury electric vehicle in the world,” said Eric Bach, Senior Vice President of Product and Chief Engineer at Lucid. “With the perfect blend of high performance and high efficiency, Wolfspeed’s innovative Silicon Carbide MOSFET power semiconductors are an ideal fit for Lucid’s advanced technology.”

The award-winning Lucid Air will be supplied by Wolfspeed’s advanced, Silicon Carbide semiconductors from its state-of-the-art Mohawk Valley Fab in Marcy, NY. Set to open April 25, the facility will be the world’s largest 200-millimeter Silicon Carbide fabrication facility and dramatically expand production capacity for Wolfspeed’s power devices. This partnership gives Lucid access to increased capacity to better support their long-term automotive production.

“Lucid Motors is an emerging leader in not only electric vehicles, but the entire automotive industry,” said Gregg Lowe, CEO of Wolfspeed. “As the world advances towards an all-electric future for transportation, Silicon Carbide technology is at the forefront of the industry’s transition to EVs, enabling superior performance, range and charge time. Our investment in the Mohawk Valley Fab ensures our customers, including Lucid, have access to the advanced products they need to deliver innovative solutions to the market.”

Lucid Air's inverters feature Wolfspeed's XM3 Silicon Carbide power modules. With low switching losses, minimal resistance, and high power density, the XM3 power modules contribute to the efficiency and power density of Lucid's 163-lb, 670-hp (74kg 500kW) electric motor.

About Wolfspeed, Inc.:

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking statements. Actual results could differ materially due to a number of factors, including the risks associated with construction of a new device fabrication facility, including issues related to installing and qualifying new equipment, potential production process yield and quality control deviations, and potential unanticipated increases in costs or decreases in output; the risk Wolfspeed may encounter delays or other difficulties in ramping up production of its capacity to supply these products; the risk that Wolfspeed may be unable to manufacture these products with sufficiently low cost to offer them at competitive prices or with acceptable margins; customer acceptance of these new products; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 27, 2021, and subsequent filings.

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Wolfspeed Media Relations: Melinda Walker Director, Corporate Communications 818-261-4585 media@wolfspeed.com

Wolfspeed Investor Relations: Tyler Gronbach VP, Investor Relations 919-407-4820 investorrelations@wolfspeed.com

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