STOCKHOLM (Reuters) – Veoneer <VNE.N> <VNEsdb.ST> will cooperate with Qualcomm Technologies <QCOM.O> on software for its driver assistance systems, the auto technology firm said on Thursday, sending its shares sharply higher.
The Swedish company said it had signed a non-binding letter of intent with the U.S. firm and expects to finalize a definitive agreement in the second half of this year.
Veoneer said it would develop an integrated platform with Qualcomm to be available through automotive Tier 1 suppliers or directly to original equipment manufacturers (OEM) for 2024 vehicle production.
“This relationship not only strengthens our product portfolio, but also broadens our go-to-market position and opportunities, while giving customers more ways to access world-leading technology,” Veoneer CEO and chairman Jan Carlson said in a statement.
Veoneer shares were up 15.4% at 111 Swedish crowns ($12.71) at 1209 GMT.
($1 = 8.7322 Swedish crowns)
(Reporting by Helena Soderpalm; editing by Jason Neely)
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