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In today’s fast-paced world, navigating from point A to point B has become remarkably simple, thanks to GPS devices. These nifty gadgets have revolutionized the way we travel, offering accuracy, convenience, and a plethora of applications. Let’s delve into what GPS devices are, how they work, their applications, and what the future holds for these indispensable tools.

What is a GPS Device?

GPS, or Global Positioning System, is a network of satellites orbiting the Earth, continuously transmitting signals to ground receivers. A GPS device, often found in smartphones, car navigation systems, smartwatches, and standalone units, utilizes these signals to determine its precise location anywhere on the planet.

How Does a GPS Device Work?

At its core, a GPS device relies on a process called trilateration. This involves calculating the distance between the device and multiple satellites in orbit. The device can pinpoint its exact latitude, longitude, and altitude by receiving at least four satellites simultaneously. This information is then overlaid onto digital maps to provide real-time navigation guidance.

GPS Device Applications

The applications of GPS devices are diverse and far-reaching:

1. Navigation: Whether you’re driving through unfamiliar streets or hiking in the wilderness, GPS devices provide turn-by-turn directions to your destination, ensuring you reach your desired location with ease.
2. Fleet Management: GPS tracking systems are extensively used by businesses to monitor their vehicles’ whereabouts, optimize routes, and improve overall fleet efficiency.
3. Fitness and Health: Smartwatches and fitness trackers equipped with GPS capabilities enable users to track their outdoor activities, such as running, cycling, and hiking, by accurately measuring distance, speed, and elevation.
4. Emergency Response: GPS devices play a crucial role in emergencies, allowing authorities to locate individuals in distress accurately. This is particularly valuable in search and rescue operations and for ensuring swift medical assistance during emergencies.
5. Geocaching: GPS devices have popularized the recreational activity of geocaching, where participants use GPS coordinates to locate hidden containers, or “caches,” in various outdoor locations worldwide.

Future of GPS Devices

The future of GPS devices looks promising, with ongoing advancements aimed at enhancing accuracy, efficiency, and functionality:

1. Improved Accuracy: Future iterations of GPS technology are expected to offer even greater accuracy, with the potential for centimetre-level precision. This will open up new possibilities in agriculture, surveying, and autonomous vehicle navigation.
2. Integration with Emerging Technologies: GPS devices will likely be integrated with other emerging technologies, such as augmented reality (AR) and artificial intelligence (AI), to provide more immersive and personalized navigation experiences.
3. Expanded Applications: As GPS technology continues to evolve, we can anticipate an expansion of its applications beyond traditional navigation. This could include enhanced location-based services, personalized recommendations based on geographical data, and innovative solutions in urban planning and environmental conservation.
4. Miniaturization and Connectivity: GPS devices are expected to become increasingly compact and power-efficient, making them more accessible and ubiquitous across various devices and industries. Additionally, advancements in connectivity, such as 5G networks, will facilitate seamless communication between GPS devices and other IoT (Internet of Things) devices.

In conclusion, GPS devices have fundamentally transformed how we navigate and interact with the world around us. From providing accurate directions to enabling innovative applications across diverse sectors, these devices have become indispensable in our daily lives. With ongoing technological advancements, the future of GPS devices holds immense potential for further innovation and enhancement, promising to redefine our relationship with spatial awareness and navigation.

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Infineon Technologies AG announced its joint Innovation Application Center in Shenzhen with Anker Innovations, a global leader in charging technology. With the center already fully operating, it is paving the way for more energy-efficient and CO2-saving charging solutions that support decarbonization.

Driven by the growing consumer demand for faster charging solutions due to an increasing usage of mobile devices, laptops and other battery-powered devices, the idea of establishing an Anker-Infineon Innovation Application Center dated back to 2021. After two years of preparation, the joint lab now serves as R&D hub for industry experts to develop power-delivery (PD) fast charging solutions with higher power density, mainly based on Infineon’s next-generation Hybrid Flyback (HFB) controller product family and the CoolGaN IPS for fast chargers above 100W.

Anker has already brought several successful products to the market, such as the industry-leading 100W+ fast charger device powered by Infineon’s CoolGaN in 2022. With the Innovation Application Center Anker and Infineon will even shorten the application cycle and accelerate the time to market for future products.

“Anker is an important customer for Infineon,” said Christian Burrer, Vice President of Systems & Application Marketing of Power & Sensor Systems Division at Infineon Technologies. “We have already started a strong cooperation in the charging field, with product and system solutions covering several Infineon product lines. In the field of PD charging, we provide our customers a comprehensive product portfolio, including state-of-the-art power controllers, first-class switching power supplies, leading silicon MOSFET and GaN transistor performance, and more.”

Beyond charging solutions, the joint lab is focusing on a more diversified range of consumer applications, driven by Infineon’s expertise in wide-bandgap materials such as gallium nitride (GaN). The acquisition of GaN Systems in 2023 has significantly accelerated Infineon’s GaN roadmap and further strengthens its leadership in power systems through mastery of all relevant power semiconductor technologies.

“In 2023, Anker achieved success in many markets such as China and Europe. This would not have been possible without Infineon’s GaN technology solutions and the strong collaboration between our companies. We look forward to even intensifying our partnership with Infineon”, said by Kang Xiong, General Manager of the charging business unit at Anker Technologies.

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Always at the forefront of technological innovation, Rohde & Schwarz is shaping the future of the mobile industry with its comprehensive range of test and measurement solutions. The company will showcase at MWC Barcelona 2024 under the motto “Enabling Connections, Empowering Innovations” a wide-ranging portfolio that helps industry leaders, manufacturers and visionaries turn their ideas for new mobile products, applications and technologies into reality.

The mobile industry will once again gather in Barcelona for the Mobile World Congress from February 26 to 29, 2024. At the Fira Gran Via in hall 5, booth 5A80, Rohde & Schwarz will be showcasing a variety of innovations covering four areas that correspond to the event’s main themes: 5G and beyond focuses on a variety of solutions driving the evolution of 5G and the emergence of 6G; Connected everything features solutions for the seamless integration of connected ecosystems; Private networks covers performance and quality assurance for business and mission-critical communications; and Game changers allows visitors to take an early leap into tomorrow’s augmented reality applications.

A large part of the Rohde & Schwarz booth will be dedicated to solutions that enable the mobile ecosystem and empower next-generation connectivity. Visitors will experience the transition from 5G to 5G Advanced through several demonstration of the R&S CMX500 one-box 5G signaling tester (OBT) and other state-of-the-art radio communication testers covering the latest technology enhancements:

• Rohde & Schwarz is pushing the limits of seamless global coverage over land, sea and air with its test solutions for non-terrestrial networks. NTN-NR directly links smartphones and other 5G devices with satellite-based services. In a demo setup, the R&S CMX500 mobile radio tester will simulate a wide range of network conditions to ensure NTN-NR devices perform flawlessly anywhere in the world.
• Paving the way for the 5G NR FR3 frequency band, which will provide wider bandwidth to tomorrow’s mobile networks, the R&S CMX500 and R&S CMP200 radio communication testers are ready for R&D and production tests. At MWC, visitors will see signaling and non-signaling measurements, supporting the respective frequency range from 4 to 20 GHz.
• Another highlight at the show booth are FR1 RF and RRM measurements with the smallest footprint in the market. Rohde & Schwarz has enhanced the R&S CMX500 to provide 3GPP conformance tests for radio resource management and RF inband in a single box.
• The integration of untrusted non-3GPP networks such as public hotspots and home or corporate WLAN with the 5G core network is a crucial aspect of the 5G evolution. Therefore, Rohde & Schwarz has added Wi-Fi 7 capabilities to the R&S CMX500 multi-technology multi-channel signaling tester. 5G WLAN offloading capabilities are included, as well, with the test platform acting as an N3IWF gateway. With this, also Voice over Wi-Fi (VoWiFi) can be tested all in a single box. In addition, the R&S CMP180 radio communication tester will verify a WLAN waveform with 480 MHz bandwidth in loop-back mode, a potential waveform candidate discussed in regards to a not-yet defined Wi-Fi 8 (IEEE 802.11bn) standard, attesting that the instrument is future-proof for users in both, R&D and production.

Other demonstrations around 5G at the Rohde & Schwarz booth will address 5G Broadcast, where Rohde & Schwarz has been leading the industry and proving the technological maturity through real-world demonstrations and practical solutions worldwide. At MWC, the company will demonstrate how broadcasters, network operators and content providers can leverage 5G Broadcast for new business opportunities, building on the technology’s high quality of end-user experience and excellent spectrum efficiency.

When it comes to emerging O-RAN technologies for network infrastructure, Rohde & Schwarz offers a proven, automated test solution together with VIAVI Solutions that helps to improve network efficiency and achieve energy savings. Radio units of an Open RAN based network (O-RU) contribute greatly to the total power consumption. VIAVI’s TM500 O-RU Tester offers energy efficiency focused O-DU emulation test scripts. The O-RU activity versus power consumption is monitored using the R&S RTO oscilloscope. The R&S NGP power supply units power the O-RU and monitor voltage and current statistics over time. The central O-RU Test Manager application from VIAVI controls the full set-up.

To ensure optimum quality of service (QoS) and quality of experience (QoE) in public and private 5G mobile networks, Rohde & Schwarz will showcase its tailored solution portfolio. Mobile network testing experts will present a broad range of live product demos, test scenarios and an ETSI harmonized methodology for systematic network performance improvements. The solutions empower customers worldwide to verify and ensure optimum performance for human and machine end-users along the entire network lifecycle of public as well as business and mission critical mobile networks.

Looking beyond 5G and onward to 6G, Rohde & Schwarz will exhibit a number of concise test solutions in Barcelona to enable applied research for example in the Terahertz regime in the D-Band (110 to 170 GHz). Part of these demonstrations will be the new R&S SFI100A wideband IF vector signal generator. The compact, user-friendly instrument for demanding applications features a very wide RF modulation bandwidth of up to 10 GHz and generates fully calibrated IF signals. Also, in collaboration with NVIDIA, Rohde & Schwarz advanced its hardware-in-the-loop test bed for a neural receiver and added custom modulation capabilities. This innovative demonstration extends the idea of an AI-native air interface concept for 6G, which both companies already introduced during last year’s MWC event. It now encompasses both the receiver and the transmitter side, marking a significant leap in exploring AI’s potential in future wireless communications.

Rohde & Schwarz empowers a securely connected world across different facets of life, from devices like wearables or industrial equipment communicating with each other to connected cars to the most critical data transfers. Rohde & Schwarz brings its state-of-the-art radio communication testers to MWC showcasing applications which enable integrated internet of things (IoT) networks:

• While NTN-NR is still in the making, NTN NB-IoT technology is already bringing wireless connectivity to remote areas that do not have access to terrestrial networks for use cases like SOS messaging or remote monitoring. The R&S CMW500 covers testing needs from R&D to conformance and operator testing for NB-IoT NTN, not only supporting protocol, RRM and RF conformance testing in line with 3GPP, but also the Skylo test plan – all in a single box.
• 3GPP Rel.17 introduced 5G RedCap (reduced capability), enabling a new set of IoT devices. 5G RedCap modems are less complex, use less spectrum bandwidth, consume less power and work only in standalone (SA) mode. The R&S CMX500 OBT lite is prepared to address all testing aspects of such devices, including power consumption testing, a very important KPI for chipsets manufacturers and OEMs.

MWC visitors involved in the automotive industry will be able to explore solutions addressing automotive connectivity at the Rohde & Schwarz booth. The company’s T&M solutions enable advancements in the connected car, where new technologies will enhance the driving experience, safety and autonomous driving capabilities. One solution on display covers 5G NG eCall testing featuring the R&S CMX500 OBT 5G signaling tester along with the R&S SMBV100B GNSS satellite simulator. Another demo features the R&S CMP180 radio communication tester with the newly added 5G V2X testing in addition to existing LTE based C-V2X. Now all V2X technologies are supported (LTE, NR, 11p).

Accurate ranging, low power consumption, high security and reliability are features of ultra-wideband (UWB) technology that make it suitable for many automotive applications, especially as digital key. At MWC, Rohde & Schwarz will present the R&S CMP200 radio communication tester with integrated UWB test capabilities to solve UWB test challenges in mass production as well as in R&D.

The Rohde & Schwarz Networks and Cybersecurity division provides endpoint security, secure networks, and high-quality cryptography to ensure reliable data transfer and system integrity in the public sector, for critical infrastructure (KRITIS), retail, health and other areas. IT teams from these sectors rely on the Rohde & Schwarz solutions in planning, deploying, operating, and optimizing their network and cybersecurity challenges. Visitors at MWC can learn about modern and secure SD-WAN, network encryption, and secure smartphone communication.

5G private or campus networks provide high performance that can increase productivity and efficiency for new use cases across all industries, including manufacturing and warehousing, or critical infrastructure such as energy utilities, mining and ports. However, optimal performance and error-free operation are essential to realize the expected business benefits and ensure the reliability of critical infrastructure. This is achieved by passive and active testing of the network in all phases: spectrum clearance and interference hunting in preparation for rollout, performance tuning and acceptance, regular verification and service level monitoring for predictive maintenance and troubleshooting.

At MWC, Rohde & Schwarz will present its comprehensive mobile network testing portfolio covering all these phases, including a live demonstration of deterministic low-latency data communication in private 5G networks in cooperation with the Fraunhofer Institute for Production Technology IPT. Demonstrations will also include a mission-critical network (MCX) test solution that enables successful migration to broadband MCX services for mission-critical public safety communications. Tailored solutions for regulatory authorities to protect the electromagnetic spectrum through interference hunting and spectrum monitoring will also be demonstrated.

Last but not least, Rohde & Schwarz will bring game-changing technologies to MWC 2024. At the booth, visitors will experience an exciting showcase of extended reality (XR) applications, key driver of 5G and 6G and foundation of the immersive Metaverse of tomorrow. The R&S CMX500 OBT 5G signaling tester performs end-to-end testing of avatar calls using 5G, ensuring the quality of experience (QoE) for the subscriber, pushing the boundaries of communications technology.

A display of next-generation Deep Packet Inspection (DPI) with Encrypted Traffic Intelligence by ipoque, a Rohde & Schwarz company, will demonstrate how to power networking and cybersecurity solutions with advanced OEM network analytics technology. The leading DPI engines R&S®PACE 2 and R&S®vPACE detect and classify applications, protocols and services for enhanced connectivity and security, even amidst encrypted and anonymized traffic.

Rohde & Schwarz will showcase its comprehensive portfolio of test and measurement solutions for the mobile industry at the Mobile World Congress 2024 at Fira Gran Via in Barcelona in hall 5, booth 5A80. For further information, visit:
www.rohde-schwarz.com/mwc

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• Q4 net revenues $4.28 billion; gross margin 45.5%; operating margin 23.9%; net income $1.08 billion
• FY net revenues $17.29 billion; gross margin 47.9%; operating margin 26.7%; net income $4.21 billion
• Business outlook at mid-point: Q1 net revenues of $3.6 billion and gross margin of 42.3%

STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the fourth quarter ended December 31, 2023. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported fourth-quarter net revenues of $4.28 billion, gross margin of 45.5%, operating margin of 23.9%, and net income of $1.08 billion or $1.14 diluted earnings per share.

Jean-Marc Chery, ST President & CEO, commented:

• “FY23 revenues increased 7.2% to $17.29 billion. Operating margin was 26.7% compared to 27.5% in FY22 and net income increased 6.3% to $4.21 billion. We invested $4.11 billion in net CAPEX while delivering a free cash flow of $1.77 billion.”
• “In Q4, ST delivered revenues and gross margin slightly below the mid-point of the guidance, with higher revenues in Personal Electronics offset by a softer growth rate in Automotive.”
• “In Q4, our customer order bookings decreased compared to Q3. We continued to see stable end-demand in Automotive, no significant increase in Personal Electronics, and further deterioration in Industrial.”
• “Our first quarter business outlook, at the mid-point, is for net revenues of $3.6 billion, decreasing year-over-year by 15.2% and decreasing sequentially by 15.9%; gross margin is expected to be about 42.3%.”
• “For 2024, we plan to invest about $2.5 billion in net CAPEX.”
• “We will drive the Company based on a plan for FY24 revenues in the range of $15.9 billion to $16.9 billion. Within this plan, we expect a gross margin in the low to mid-40s.”

Quarterly Financial Summary (U.S. GAAP)

Annual Financial Summary (U.S. GAAP)

Fourth Quarter 2023 Summary Review

Net revenues totalled $4.28 billion, representing a year-over-year decrease of 3.2%. On a year-over-year basis, ADG revenues increased 21.5%, while AMS and MDG decreased 25.8% and 11.5% respectively. Year-over-year net sales to OEMs and Distribution decreased 0.4% and 9.2%, respectively. On a sequential basis, net revenues decreased 3.4%, 40 basis points lower than the mid-point of ST’s guidance. On a sequential basis, ADG reported an increase in net revenues, AMS was stable and MDG decreased.

Gross profit totaled $1.95 billion, representing a year-over-year decrease of 7.3%. Gross margin of 45.5%, 50 basis points below the mid-point of ST’s guidance, decreased 200 basis points year-over-year, due to higher input manufacturing costs, unused capacity charges, and negative currency effect net of hedging, partially offset by the combination of sales price and product mix.

Operating income decreased 20.5% to $1.02 billion, compared to $1.29 billion in the year-ago quarter. ST’s operating margin decreased 520 basis points on a year-over-year basis to 23.9% of net revenues, compared to 29.1% in the fourth quarter of 2022.

By product group, compared with the year-ago quarter:

Automotive and Discrete Group (ADG):

• Revenue increased for both Automotive and Power Discrete.
• Operating profit increased by 39.7% to $657 million. Operating margin was 31.9% compared to 27.7%.

Analog, MEMS and Sensors Group (AMS):

• Revenue increased in Analog and decreased in Imaging and in MEMS.
• Operating profit decreased by 57.4% to $147 million. Operating margin was 14.8% compared to 25.8%.

Microcontrollers and Digital ICs Group (MDG):

• Revenue decreased for Microcontrollers and increased for RF Communications.
• Operating profit decreased by 30.9% to $342 million. Operating margin was 28.0% compared to 35.8%.

Net income decreased to $1.08 billion compared to $1.25 billion in the year-ago quarter. Both the fourth quarter 2023 and the fourth quarter 2022 financial results included one-time non-cash income tax benefits of $191 million and $141 million respectively. Diluted earnings per share decreased to $1.14 compared to $1.32 in the year-ago quarter.

Cash Flow and Balance Sheet Highlights

Net cash from operating activities was $1.48 billion in the fourth quarter compared to $1.55 billion in the year-ago quarter. For the full-year 2023, net cash from operating activities increased 15.2% to $5.99 billion, representing 34.7% of total revenues.

Capital expenditure payments, net of proceeds from sales, capital grants and other contributions, were $798 million in the fourth quarter and $4.11 billion for the full year 2023. In the respective year-ago periods, net capital expenditures were $920 million and $3.52 billion.

Free cash flow (non-U.S. GAAP) was $652 million and $1.77 billion in the fourth quarter and full year, respectively, compared to $603 million and $1.59 billion in the year-ago respective periods.

Inventory at the end of the fourth quarter was $2.70 billion, compared to $2.87 billion in the previous quarter and $2.58 billion in the year-ago quarter. Days sales of inventory at quarter-end was 104 days compared to 114 days in the previous quarter and 101 days in the year-ago quarter.

In the fourth quarter, ST paid cash dividends to its stockholders totaling $60 million and executed a $86 million share buy-back as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP) was $3.16 billion as of December 31, 2023, compared to $2.46 billion as of September 30, 2023 and reflected total liquidity of $6.08 billion and total financial debt of $2.93 billion. Adjusted net financial position, taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $3.00 billion as of December 31, 2023.

Corporate developments

On January 10, 2024, ST announced a new organization to deliver enhanced product development innovation and efficiency, time-to-market as well as customer focus by end market. ST will be re-organized into two Product Groups, split into four Reportable Segments and the existing sales and marketing organization will be complemented by a new application marketing organization focused by end markets across all Regions.

The new organization implies a change in reporting which will apply from January 1, 2024.

Business Outlook

ST’s guidance, at the mid-point, for the 2024 first quarter is:

• Net revenues are expected to be $3.6 billion, a decrease of 15.9% sequentially, plus or minus 350 basis points.
• Gross margin of 42.3%, plus or minus 200 basis points.
• This outlook is based on an assumed effective currency exchange rate of approximately $1.09 = €1.00 for the 2024 first quarter and includes the impact of existing hedging contracts.
• The first quarter will close on March 30, 2024.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its fourth quarter and full year 2023 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until February 9, 2024.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated by such statements, due to, among other factors:

• changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
• uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
• customer demand that differs from projections;
• the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
• changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macroeconomic or regional events, geopolitical and military conflicts (including the ongoing conflict between Russia and Ukraine), social unrest, labor actions, or terrorist activities;
• unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
• financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
• the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
• availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
• the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
• theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
• the impact of intellectual property claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
• changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
• variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
• the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
• product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
• natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics such as the COVID-19 pandemic in locations where we, our customers or our suppliers operate;
• increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027;
• potential loss of key employees and potential inability to recruit and retain qualified employees as a result of epidemics or pandemics such as the COVID-19 pandemic, remote-working arrangements and the corresponding limitation on social and professional interaction;
• the duration and the severity of the global outbreak of COVID-19 may continue to negatively impact the global economy in a significant manner for an extended period of time, and also could materially adversely affect our business and operating results;
• industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers; and
• the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward looking terminology, such as “believes,” “expects,” “may,” “are expected to,” “should,” “would be,” “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risks are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2022 as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2023. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed, or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other risks or uncertainties listed under “Item 3. Key Information — Risk Factors”

from time to time in our SEC filings, could have a material adverse effect on our business and/or financial condition.

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