The Industrial Technology Research Institute (ITRI) and power management company AcBel Polytech Inc on Tuesday signed a contract in a bid to develop next-generation electric vehicle power devices, the Ministry of Economic Affairs said.

The NT$44 million (US$1.37 million) joint investment plan to develop silicon carbide technologies would be subsidized by the government, the ministry said.

Silicon carbide is a high-efficiency semiconductor material that can help lower power consumption, the ITRI said, adding that similar projects would also fall under the partnership involving Fukuta Electric & Machinery Co and DiodSent Green Technology Co.
The ministry said it would invest NT$5 billion from next year to 2026 in the development of electric vehicles and their components, with the funds also to be used to develop system integration platforms and boost electric vehicle testing capacity, the ITRI added.

Global sales of new electric passenger vehicles would surpass those of internal combustion models by 2037, creating an output value of US$2.1 trillion, the ministry said.

The output value of Taiwan's automobile industry reached NT$300 billion last year and is expected to double by 2025, it said.