Veoneer Shares Jump After Collaboration Plans With Qualcomm
August 27 2020 - 11:14AM
Dow Jones News
By Robb M. Stewart
Automotive technology company Veoneer Inc.'s shares rallied
Thursday after it struck a deal to collaborate with Qualcomm
Technologies Inc. on autonomous driving technologies.
In morning trading, the shares were up 18% to $12.91. They have
fallen 17% year-to-date.
Veoneer said the companies would team up on the delivery of
driver-assistance systems and autonomous driving solutions powered
by Veoneer's perception and driving-policy software stack and
Qualcomm's Snapdragon Ride portfolio.
The open and programmable platform that both companies intend to
develop will be designed to create alternatives for automakers for
more customization opportunities, and the companies expect the
integrated platform to be available through automotive suppliers or
directly to manufacturers for 2024 vehicle production.
The companies have signed a non-binding letter of intent and
expect to finalize a definitive agreement during second half of
2020.
Qualcomm's shares were little changed early, up 0.1% at
$116.18.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
August 27, 2020 10:59 ET (14:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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