GlobalFoundries and Ford are aiming to boost chip supplies

The companies have signed a non-binding agreement, which according to a press release from GlobalFoundries, opens the door for the company to create further semiconductor supply for Ford's current vehicle lineup. And also joint research and development to address the growing demand for feature-rich chips to support the automotive industry. These could include semiconductor solutions for ADAS, battery management systems, and in-vehicle networking for an automated, connected, and electrified future. The companies will explore expanded semiconductor manufacturing opportunities to support the automotive industry. This strategic collaboration does not however involve any cross-ownership between the two companies, the press release reads. "It's critical that we create new ways of working with suppliers to give Ford – and America – greater independence in delivering the technologies and features our customers will most value in the future," says Jim Farley, Ford president and CEO. "This agreement is just the beginning, and a key part of our plan to vertically integrate key technologies and capabilities that will differentiate Ford far into the future." "GF is committed to building innovative alliances with the world's leading companies to enable the features in products that are pervasive throughout people's lives," adds Tom Caulfield, GF CEO. "Our agreement with Ford is a key step forward in strengthening our cooperation and partnership with automakers to spur innovation, bring new features to market faster, and ensure long-term, supply-demand balance."