Wolfspeed, a semiconductor manufacturer, announced plans to close its 150mm silicon carbide wafer production facility in Durham, North Carolina, to cut costs and focus on its more cost-effective 200mm wafer production in Mohawk Valley, New York. The closure, part of a broader strategy to address financial challenges and softening demand for electric vehicles, is set to be detailed further in the company's next earnings call in November. Despite the closure, Wolfspeed remains committed to North Carolina, maintaining its headquarters in Durham and continuing with its multi-billion-dollar investment in a new plant in Siler City. The company did not specify the number of employees affected. The decision follows a challenging year for Wolfspeed, with stock prices plummeting over 70% due to supply chain issues and reduced demand in key markets.