General Motors Joint Venture Admits Building Auto Chips: Reuters

General Motors Co's (NYSE:GM) Chinese joint venture SGMW admitted developing its own auto computing chips since 2018, Reuters reports.
The joint venture with partners SAIC Motor Corp and Guangxi Automobile Group aims to increase locally sourced chips in the next five years.
SGMW would boost cooperation with Chinese manufacturers to improve the quality and economy of its chips. The auto chip crisis has compelled multiple automakers to slash their production.
SGMW is also developing battery-swapping stations for its micro electric vehicles.
U.S. chipmaker GlobalFoundries disclosed doubling its auto chip output and an additional $6 billion investment on production capacity expansion as per Nikkei Asia reports.
Price Action: GM shares traded higher by 2.15% at $51.83 on the last check Wednesday.