Ford Motor plans to increase its short- and long-term supply of semiconductor chips through a new partnership with GlobalFoundries.

The Detroit automaker and New York-based chip supplier on Thursday announced the signing of a nonbinding agreement for a strategic partnership that aims to increase the supply of chips to Ford from GlobalFoundries.

Officials said the tie-up could eventually result in new chip designs specifically for Ford and an increase in the domestic production and supply of chips for the overall automotive industry…

The companies declined to discuss financial details of the agreement or how much GlobalFoundries will increase supplies to Ford in the near term. This collaboration does not involve cross-ownership between the two companies. Gray described the talks as being in their “early days.”
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