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GlobalFoundries Stock Rises On Ford Chip Making Deal 

Stock Markets Nov 18, 2021 12:53PM ET
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By Sam Boughedda

Investing.com — Semiconductor manufacturing firm GlobalFoundries Inc (NASDAQ:GFS), which made its public debut at the end of October, has seen its shares hit new highs Thursday after announcing a collaboration with Ford Motor Company (NYSE:F).

The companies will work together to advance semiconductor manufacturing and technology development within the U.S.

The companies have signed an agreement that will see GlobalFoundries create an additional semiconductor supply for Ford's current vehicle lineup. They will also run joint research and development to assess the growing demand for so-called "feature-rich chips" to support the automotive industry, including semiconductor solutions for advanced driver assistance systems, battery management systems, and in-vehicle networking.

"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," said Jim Farley, Ford's president and CEO.

The aim is to boost chip supplies for Ford and the U.S. automotive industry after it was hit this year by a shortage resulting from the Covid-19 pandemic.

The shortage severely affected the global automotive industry, with the manufacturing facilities of several companies having to suspend production.

However, Morgan Stanley told investors this week that the shortage for the industry is nearly over, with Malaysian fabrication plants back to 100%.

GlobalFoundries stock currently rose 3% above Wednesday's close at $64.59, touching a new high of $67.39 earlier in the session.

GlobalFoundries Stock Rises On Ford Chip Making Deal 
 

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