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 firstname.lastname@example.org
(END) Dow Jones Newswires
August 27, 2020 10:59 ET (14:59 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.