Renesas Electronics Tightens Belt Amid Chip Demand Decline
Renesas Electronics, Japan's chip manufacturing titan, is planning a workforce reduction of under 5%, affecting around 1,050 employees in response to waning semiconductor demand across several sectors. These cost-cutting measures also entail pausing annual wage hikes, marking the second year in a row. With revenue sliding and factory utilization rates dipping to new lows, the company has shelved plans for mass production at its Kofu plant. Recovery isn't forecasted until late 2025, painting a challenging landscape for the industry ahead.
Jan 9