Auto tech organization Veoneer inks collaboration offer with Qualcomm, shares rise

FILE Image: A Qualcomm sign is proven outside the house a person of the company’s many structures in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake

STOCKHOLM (Reuters) – Automotive technologies business Veoneer and U.S. chip big Qualcomm have signed a collaboration offer to produce a software and chip platform for state-of-the-art driver support programs, Veoneer reported on Tuesday.

The companies 1st communicated their ideas to group up in August previous 12 months, and their joint platform will search for to rival providers these types of as Intel’s Mobileye

Veoneer, which also would make radars and vision methods, reported it had formed Arriver, a devoted software package unit for the improvement of the complete notion and travel coverage program stack.

“Today’s agreement with Qualcomm Systems and the development of Arriver are vital milestones in Veoneer’s progress,” Veoneer CEO Jan Carlson explained in a assertion.

Veoneer shares, which have a lot more than doubled due to the fact the preliminary plans with Qualcomm were first introduced, rose 2.8% in early Stockholm buying and selling on Tuesday.

Veoneer reported that Arriver software is currently practical on Qualcomm’s Snapdragon Ride System, “which will be obtainable for automotive shoppers in coming months”.

Sweden-primarily based Veoneer claimed the collaboration amongst the corporations experienced been offered to a selection of vehicle makers and Tier-1 automotive suppliers with extremely positive suggestions to the intended specs and capabilities of the system.

Veoneer will own 100% of Arriver, but the unit will work less than particular info handling protocols and reporting buildings as aspect of its collaboration with Qualcomm Systems, it reported.

Reporting by Johannes Hellstrom editing by Niklas Pollard