TDK Partners with McLaren for Formula E

TDK Corporation, a major supplier for Apple, has announced a strategic partnership with McLaren Racing to enhance its presence in the Formula E electric racing series. This collaboration aims to leverage advanced EV technology, with TDK supplying components such as inverters and sensors for McLaren's Nissan e-4ORCE 05 cars. Taro Ikushima, CEO of TDK’s Electronic Components Business Company, emphasized the importance of this technology in refining their products. With automotive sales comprising nearly 25% of TDK's revenue, the company expects significant growth opportunities as the market shifts towards electric vehicles, which require more of their components than traditional gasoline cars. Interest in Formula E is rising despite traditional motorsports' popularity, and industry predictions suggest a peak of 30% for EV market share. The partnership positions TDK to thrive amidst the increasing demand for sustainable automotive technology, evidenced by a 39% rise in their shares this year.