Carmakers Crying Out for Chips Fuels Growth for Globalfoundries
- Smaller semiconductor player expands to help address shortage
- Company will double spending to build on record output
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The worldwide bottleneck in semiconductors that’s disrupting production of automakers from Toyota Motor Corp. to Volkswagen AG is turning into a growth opportunity for a global chipmaker.
Globalfoundries Inc. is running its factories at an unprecedented clip and prioritizing chips for cars to satisfy demand, said Mike Hogan, who heads the firm’s automotive business unit. The closely held company wholly owned by Abu Dhabi’s sovereign wealth fund expects revenue from the sector to more than double this year.