ON Semiconductor Corporation (NASDAQ:ON) shares are trading higher after the company signed a multi-year agreement with Volkswagen Group (OTC:VLKAF) (OTC:VWAGY) to provide solutions for vehicle lineup across multiple brands. As per the deal, ON Semiconductor will supply a comprehensive power box solution for Volkswagen’s next-generation traction inverter within its Scalable Systems Platform (SSP). onsemi’s EliteSiC M3e MOSFET-based power box offers higher power and efficiency in a compact design, enhancing heat management and extending EV range. Volkswagen Group can seamlessly adopt future EliteSiC platforms, staying at the forefront of EV innovation. Volkswagen Group will benefit from onsemi’s investment in a new silicon carbide plant in the Czech Republic, which will streamline the supply chain and logistics for traction inverter systems, ...