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Veoneer announces tie-up with Qualcomm, shares jump 15%

Credit: REUTERS/ALY SONG

Veoneer will cooperate with Qualcomm Technologies on software for its driver assistance systems, the auto technology firm said on Thursday, sending its shares sharply higher.

STOCKHOLM, Aug 27 (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 finalise 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)

((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters Messaging: helena.soderpalm.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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