Reuters

NXP forecasts sales growth driven by connected vehicles

Chipmaker NXP Semiconductors on Thursday said it believes it will hit $15 billion in sales by 2024, with much of the expansion coming from internet-connected electric vehicles. Speaking with Reuters after holding a presentation for investors, NXP Chief Executive Kurt Sievers said the company intended to focus on key areas where more chips are going into cars and where NXP believes it can hold a market position at least twice that of any competitor. One of those areas is radar sensors, which are increasingly being put into cars for safety systems that can automatically brake before a collision.

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