Auto tech firm Veoneer teams up with Qualcomm on driver software – Software

Veoneer will cooperate with Qualcomm Systems on establishing a software package and chip system for driver-assistance units, the auto technological innovation company stated on Thursday, sending its shares sharply higher.

The Swedish maker of vision units, radar and software package for highly developed driver-assistance units (ADAS) stated it had signed a non-binding letter of intent with the US company and expected to finalise a definitive settlement in the 2nd 50 percent of this yr.

Veoneer’s software package enhancement system, ever more crucial with the auto market in the midst of a speedy transformational shift, has been under scrutiny because it ended its Zenuity software package joint undertaking with Volvo in April.

“This is a important party for Veoneer which we are really joyful to announce,” Carlson told Reuters, including that he expected the integrated software package and method-on-a-chip system would crank out big interest from prospects.

Shares in Veoneer have been up seventeen.three {fb741301fcc9e6a089210a2d6dd4da375f6d1577f4d7524c5633222b81dec1ca} at the time of producing. They are nonetheless down 18 {fb741301fcc9e6a089210a2d6dd4da375f6d1577f4d7524c5633222b81dec1ca} so considerably this yr.

Veoneer, which competes with businesses these kinds of as Aptiv, Bosch, Continental and Intel’s Mobileye, has been hit difficult by the coronavirus pandemic as the vehicle market has witnessed creation halted in several marketplaces by widespread lockdowns.

Veoneer stated in a statement it expected the integrated system developed with Qualcomm to be available as a result of automotive Tier 1 suppliers or directly to initial products companies (OEM) for 2024 automobile creation.

“This romantic relationship not only strengthens our item portfolio, but also broadens our go-to-industry situation and opportunities, though giving prospects additional techniques to obtain environment-primary technological innovation,” Carlson stated in a statement.

The business, which materials carmakers these kinds of as Daimler, and Honda, stated past month it expected revenue this yr to outpace mild-automobile creation.