Automobile tech agency Veoneer inks collaboration deal with Qualcomm, shares rise

FILE Photograph: A Qualcomm sign is proven outside one of the company’s lots of structures in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake

STOCKHOLM (Reuters) – Automotive know-how firm Veoneer and U.S. chip large Qualcomm have signed a collaboration offer to acquire a software and chip platform for state-of-the-art driver assistance systems, Veoneer explained on Tuesday.

The businesses 1st communicated their ideas to staff up in August last year, and their joint system will request to rival organizations these kinds of as Intel’s Mobileye

Veoneer, which also can make radars and vision techniques, reported it experienced shaped Arriver, a focused computer software device for the improvement of the comprehensive perception and generate plan software package stack.

“Today’s settlement with Qualcomm Technologies and the creation of Arriver are vital milestones in Veoneer’s development,” Veoneer CEO Jan Carlson stated in a statement.

Veoneer shares, which have far more than doubled due to the fact the preliminary strategies with Qualcomm have been to start with announced, rose 2.8% in early Stockholm trading on Tuesday.

Veoneer stated that Arriver software program is now functional on Qualcomm’s Snapdragon Experience Platform, “which will be accessible for automotive clients in coming months”.

Sweden-primarily based Veoneer mentioned the collaboration between the providers had been introduced to a quantity of motor vehicle makers and Tier-1 automotive suppliers with very good comments to the supposed requirements and capabilities of the system.

Veoneer will individual 100% of Arriver, but the unit will operate underneath distinct details dealing with protocols and reporting constructions as portion of its collaboration with Qualcomm Technologies, it reported.

Reporting by Johannes Hellstrom enhancing by Niklas Pollard