Wolfspeed Inc. WOLF, +1.11% shares declined more than 5% in after-hours trading Wednesday, after Tesla Inc. TSLA, -1.43% executives said their next-generation car will require less silicon carbide. Wolfspeed, a semiconductor company previously known as Cree, specializes in silicon-carbide chips, which have found a home in electric vehicles because of their resistance to heat. In an investor day presentation Wednesday afternoon, Tesla executives said their next-generation powertrain would cut the need for silicon carbide by 75%, one of the few hard details they gave about their plans for a new car. Tesla shares also declined more than 5% in Wednesday’s extended session.
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