WASHINGTON (dpa-AFX) - Micron Technology, Inc. (MU) and General Motors Co. (GM) on Wednesday announced a strategic customer agreement aimed at securing a long-term supply of memory and storage products used in vehicle production.
Under the agreement, GM will receive supply of Micron's LPDRAM, NOR and UFS NAND memory products used in advanced driver-assistance systems, AI-powered in-vehicle features and software-defined vehicles.
The companies said they will also collaborate on future memory and storage technologies, including product development, system optimization and qualification of advanced memory solutions for GM's next-generation vehicle platforms.
The agreement is supported by Micron's efforts to expand and localize automotive semiconductor production in the United States, including a $2 billion investment to modernize its manufacturing facility in Manassas, Virginia.
'We are proud to expand our strategic relationship with General Motors to deliver both long-term supply assurance and technology innovation critical to the future of the automotive industry,' said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology.
Micron shares were down nearly 6% in pre-market trading after closing at $1,154.29 on Tuesday, while GM shares were up about 1% from Tuesday's close of $77.08.
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