TDK Partners with McLaren Racing to Boost Formula E Presence and EV Technology
In a move that signifies the growing significance of electric motorsports and the EV market, TDK Corp. (TTDKY), a key supplier to Apple and a leading player in passive components and sensors, has announced a strategic partnership with McLaren Racing. This partnership will see TDK supplying components such as inverters and sensors for McLaren’s Nissan e-4ORCE 05 cars, which compete in the Formula E electric motor racing series.
TDK’s CEO of Electronic Components Business Company, Taro Ikushima, highlighted the company’s commitment to utilizing Formula E technology to enhance its product offerings. “Formula E technology is always at the cutting edge of EVs, and we want them to utilize our components so we can sharpen our technology,” Ikushima stated in an interview with Reuters.
The automotive sector plays a crucial role in TDK’s business, accounting for nearly 25% of its sales. The company is a major supplier of ceramic capacitors and temperature sensors, products that are increasingly vital in electric vehicles. The transition to electric vehicles is creating a surge in demand for multilayer ceramic chip capacitors, making the EV market a lucrative avenue for TDK.
This partnership with McLaren Racing reflects TDK’s strategic investment in the future of electric mobility. The company recognizes the growing momentum behind electric motorsports, which is attracting significant investment and attention from major players in the automotive industry.
Earlier this year, Saudi Arabia’s Public Investment Fund, the majority shareholder of Lucid Group Inc. (LCID), announced a multi-year partnership with Formula E, Extreme E, and E1, known as Electric 360. This initiative aims to promote electric motorsports, foster STEM initiatives, and provide opportunities for community engagement. This move further reinforces the increasing importance of electric motorsports in the global automotive landscape.
The partnership between TDK and McLaren Racing comes at a time when the motorsports industry is witnessing a significant shift towards electrification. In July, NASCAR unveiled a new electric vehicle prototype and announced an electrification innovation partnership, signaling a major transformation in the racing world. This trend signifies the potential for diversification with electric vehicles in the motorsports sector, offering new opportunities for companies like TDK to leverage their expertise in EV technology.
The partnership between TDK and McLaren Racing is a testament to the growing importance of electric motorsports and the wider EV market. As the automotive industry accelerates its transition to electric vehicles, companies like TDK are strategically positioning themselves to capitalize on this global shift.
