General Motors (GM) has secured a new deal to ensure a steady supply of chips for its vehicles. The deal, which was announced on Tuesday, will see GM partner with Renesas Electronics Corporation, a Japanese semiconductor manufacturer.
The chip shortage has been a major issue for the automotive industry in recent months, with many automakers struggling to secure enough chips to keep their production lines running. GM has been particularly hard hit, with the company having to temporarily shut down some of its factories due to the shortage.
The new deal with Renesas will help GM to ensure a steady supply of chips for its vehicles. The two companies have agreed to a long-term supply agreement, which will see Renesas provide GM with a range of chips for its vehicles. The agreement will also see Renesas invest in GM’s chip manufacturing capabilities, helping the company to become more self-sufficient in the future.
GM CEO Mary Barra said that the deal was an important step in ensuring the company’s long-term success. “This agreement is an important step in our efforts to secure a reliable and cost-effective supply of semiconductors for our vehicles,” she said. “We are committed to working with our suppliers to ensure we have the right technology and resources to meet our customers’ needs.”
The chip shortage has been a major issue for the automotive industry in recent months, with many automakers struggling to secure enough chips to keep their production lines running. GM’s new deal with Renesas is an important step in ensuring the company can continue to produce vehicles without disruption. It is also a sign that the company is taking steps to become more self-sufficient in the future, which could help it to avoid similar issues in the future.
