Onsemi (NASDAQ: ON) announced that select Xiaomi YU7 electric SUV models will feature an 800V drive platform powered by the company's EliteSiC M3e technology.

The EliteSiC M3e platform is integrated into the traction inverter system and is designed to improve performance and power density while reducing system costs. The technology features silicon carbide components that the company states have the lowest on-resistance in the industry.

According to the press release, the technology enables the development of smaller, lighter traction systems for electric vehicles. The platform aims to deliver improved power delivery within a reduced footprint.

"Onsemi's EliteSiC technology delivers industry-leading efficiency, power density, and thermal performance, enabling the development of electric vehicles with longer range, faster acceleration, and greater reliability," said Simon Keeton, group president of Power Solutions Group at onsemi.

The announcement represents a partnership between the semiconductor company and Chinese technology manufacturer Xiaomi for electric vehicle components. Onsemi focuses on automotive and industrial markets, offering power and sensing technologies.

The company is included in both the Nasdaq-100 Index and S&P 500 index, according to the press release statement.