Tech giant Foresight Autonomous Holdings (NASDAQ:FRSX) formally inked a multi-phase cooperation agreement with “one of the world’s largest electric vehicle manufacturer.”
However, the press release omitted to disclose the name by only saying it is a Chinese original equipment manufacturer (OEM) of EVs, batteries, and products.
Partnership
As mentioned, the partnership between Foresight Autonomous and the Chinese OEM includes a multi-phase strategy.
They will first assess Foresight’s 3D perception qualities like high-resolution point cloud, object detection, and disparity map by conducting a proof of concept (POC) project.
This initial phase will enable the partners to determine potential improvements in the Chinese OEM’s automotive vision solution.
“By potentially integrating our cutting-edge 3D perception solutions into the products of such a global OEM EV leader, we are ready to help take stereo vision systems to the next level, setting new benchmarks for safety and innovation in the industry.”
Haim Siboni, Foresight CEO
What’s next?
After the first phase, the two major companies aim to come up with a final commercial agreement. It will see Foresight and the Chinese OEM co-developing, incorporating, and commercializing the tech giant’s technologies into the latter’s automotive vision solutions.
Apart from that, the automaker also intends to back Foresight as its business partner to its subsidiaries, customers, and other partners.
“We are constantly looking for cutting-edge and competitive technologies to retain our leadership. We look forward to teaming up with Foresight to enhance our 3D perception vision systems. This collaboration reflects our commitment to advancing driver safety, and together we are dedicated to integrating innovative technologies that will make our roads safer for everyone.”
Chinese OEM’s Senior Executive
About Foresight
Foresight Autonomous Holdings is a leading technology firm focusing on smart multi-spectral vision software solution development and cellular-based applications.
It has multiple subsidiaries, including Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd., and Eye-Net Mobile Ltd., that aid the company in developing and producing “in-line-of-sight vision systems and beyond-line-of-sight accident-prevention solutions.”
See Also:
- NIO and ZF to collaborate on steer-by-wire, a technology key to autonomous driving
- Autonomous underwater robots to survey the US’ first floating offshore wind farm
- Tesla may soon partner with Samsung for autonomous driving chips, report says
- Ford to launch its semi-autonomous BlueCruise tech in Germany
- GM secures approval to test autonomous driving tech in Shanghai
Foresight’s technology can significantly aid the Chinese OEM in improving its automotive vision solutions, which are essential for autonomous driving. It would be exciting to know which automaker the tech giant refers to in this announcement.
It enjoyed a stock price growth of 11% to $2.59 on Thursday following the press release but closed at $2.35.
