Graco reached Long-term Direct Supply Agreement with General Motors
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Update time : 2023-02-14 09:55:49
Last Thursday, General Motors and GlobalFoundries jointly announced that the two companies reached a long-term agreement, the core will be a direct supply of chips for the general, so that the latter again face a chip shortage dilemma. In the U.S. stock market, GM shares rose more than 2 percent, and GlobalFoundries rose more than 5 percent.
The two companies said the agreement is the first of its kind in the industry. According to the agreement, GF will bring a key process to the United States for GM's main chip supplier to produce at GF's advanced semiconductor plant in upstate New York. The agreement supports GM's strategy to reduce the number of unique chips needed to power increasingly complex and technologically advanced vehicles. Through this strategy, chips can be produced in larger quantities and are expected to provide better quality and predictability, maximizing the creation of high-value content for end customers. We see our semiconductor needs more than doubling over the next few years as vehicles become technology platforms," said Doug Parks, executive vice president of global product development, procurement and supply chain at GM. The supply agreement with GlobalFoundries will help build a strong, resilient supply of key technologies in the U.S. to help GM meet this demand while delivering new technologies and capabilities to our customers." Dr. Thomas Caulfield, President and CEO of GF, said, "At GF, we are committed to working with our customers in new and innovative ways to best address today's global supply chain challenges, and GF will expand its manufacturing capabilities dedicated to the GM supply chain, enabling us to strengthen our relationship with the automotive industry and New York State partnership while further accelerating automotive innovation with U.S. manufacturing to enable a more resilient supply chain." In addition, GF revealed that it is responding to global demand for semiconductors through a series of long-term strategic agreements with existing and new customers, while working with federal and local governments to expand global production capacity to meet customer demand.
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