Ford Steps Into the Chip Business

Ford Motor Co. is looking to get into the semiconductor business, after a year of computer-chip shortages that snarled its global factory output.

Ford entered a strategic agreement with U.S.-based chip maker GlobalFoundries Inc. to develop chips, a pact that could eventually lead to joint production in the U.S., the companies said Thursday. They didn’t disclose terms or say how much they might invest in future production capacity.