Auto tech organization Veoneer inks collaboration deal with Qualcomm, shares increase

STOCKHOLM (Reuters) – Automotive engineering business Veoneer and U.S. chip big Qualcomm have signed a collaboration deal to build a program and chip system for superior driver support devices, Veoneer claimed on Tuesday.

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The corporations first communicated their plans to group up in August very last yr, and their joint system will search for to rival companies these types of as Intel’s Mobileye

Veoneer, which also helps make radars and vision methods, reported it had formed Arriver, a dedicated program device for the progress of the finish notion and drive policy application stack.

“Modern arrangement with Qualcomm Technologies and the development of Arriver are critical milestones in Veoneer’s progress,” Veoneer CEO Jan Carlson said in a assertion.

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Veoneer shares, which have much more than doubled since the preliminary strategies with Qualcomm were very first announced, rose 2.8% in early Stockholm investing on Tuesday.

Veoneer said that Arriver application is currently useful on Qualcomm’s Snapdragon Trip System, “which will be offered for automotive prospects in coming months”.

Sweden-centered Veoneer reported the collaboration concerning the businesses had been introduced to a selection of vehicle makers and Tier-1 automotive suppliers with pretty constructive opinions to the supposed specifications and abilities of the system.

Veoneer will personal 100% of Arriver, but the unit will work under unique info dealing with protocols and reporting buildings as aspect of its collaboration with Qualcomm Technologies, it mentioned.

(Reporting by Johannes Hellstrom editing by Niklas Pollard)