Recent Developments STMicroelectronics (Sept 2024): Unveiled its fourth-generation SiC MOSFETs designed for traction inverters, pushing efficiency and reliability benchmarks. Onsemi (July 2024): Released its EliteSiC M3e MOSFET family, offering cost-effective electrification solutions with enhanced reliability and efficiency. Opportunities and Challenges Opportunities: Accelerating EV demand, clean energy transition, government incentives for semiconductor innovation, and industrial automation. Challenges: High production costs, limited supply chain scalability, and technical complexities in large-scale manufacturing.