Auto tech company Veoneer partners with Qualcomm, shares soar

News Highlights: Auto tech company Veoneer partners with Qualcomm, shares soar

FILE PHOTO: A Qualcomm sign is displayed outside one of the company’s many buildings in San Diego, California, USA, September 17, 2020. REUTERS / Mike Blake

STOCKHOLM (Reuters) – Automotive technology company Veoneer and US chip giant Qualcomm have signed a partnership agreement to develop a software and chip platform for advanced driver assistance systems, Veoneer said on Tuesday.

The companies first announced their plans to collaborate in August last year, and their joint platform will seek to win over rival companies such as Intel’s Mobileye

Veoneer, which also makes radars and vision systems, said it had created Arriver, a dedicated software unit to develop the complete perception and driving policy software stack.

“Today’s agreement with Qualcomm Technologies and the creation of Arriver are important milestones in Veoneer’s development,” said Jan Carlson, CEO of Veoneer.

Veoneer shares, which have more than doubled since preliminary plans with Qualcomm were first announced, rose 2.8% in early Stockholm trading Tuesday.

Veoneer said the Arriver software is already functional on Qualcomm’s Snapdragon Ride Platform, “which will be available to automotive customers in the coming months.”

Sweden-based Veoneer said the collaboration between the companies had been presented to a number of car manufacturers and Tier-1 car suppliers with very positive feedback on the platform’s intended specifications and capabilities.

Veoneer will own 100% of Arriver, but the unit will operate under specific information handling protocols and reporting structures as part of the partnership with Qualcomm Technologies, he said.

Report by Johannes Hellstrom; edited by Niklas Pollard

Via: www.reuters.com

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