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Renesas Electronics has scrapped its plans to produce silicon carbide power semiconductors at its Takasaki plant in Japan, originally set for a 2025 launch, due to declining demand for electric vehicle chips and increased competition from Chinese manufacturers. The company also announced job cuts of up to 5% of its workforce and postponed salary increases, with factory utilization dropping to around 30%. Additionally, production at a new facility in Yamanashi prefecture has been delayed.