Sam Boughedda

Investing.com — GlobalFoundries Inc (NASDAQ) – Semiconductor manufacturing company GlobalFoundries Inc made its public debut last October. Its shares have risen to new highs this Thursday, following an announcement by Ford Motor Company.

They will cooperate to develop semiconductor technology in America and advance manufacturing.

GlobalFoundries and Ford have agreed to create additional semiconductor supplies for their current vehicles. In addition to collaborating on research and development for the future of the automobile industry, they will be evaluating the demand for feature-rich chips. These include semiconductor solutions that support advanced driver assistance systems as well as battery management and in-vehicle connectivity.

“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.

This is a plan to improve chip supplies in Ford’s and America’s automotive industries after they were hit hard by the Covid-19 epidemic.

This shortage had a severe impact on the automotive industry worldwide, with several manufacturing plants having to be shut down.

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

GlobalFoundries stocks rose by 3% to $64.59 on Wednesday, surpassing the close of $33.0. They also reached a new session high of $67.39 just earlier in this session.