Foresight Announces Collaboration with Chinese EV Brand By Investing.com

© Foresight Automotive PR Foresight (FRSX) announces collaboration with Chinese EV brand

Foresight Autonomous Holdings (NASDAQ:), a pioneer in automotive vision systems, announced Friday that it has signed a multi-level collaboration agreement with a prominent global electric vehicle (EV) OEM based in China.

This OEM specializes in EVs, rechargeable batteries, and related products.

As previously described on September 21, 2023, the initial phase of the contract includes conducting a proof-of-concept (POC) project to evaluate Foresight’s 3D perception capabilities encompassing high-resolution point cloud, object detection, and parallax map capabilities. . The goal is to potentially improve the current automotive vision solutions used by OEMs.

Upon successful completion of the POC project, both parties aim to begin negotiations for a definitive commercial agreement. This follow-on phase will include joint efforts on the development, integration, and eventual commercialization of Foresight technology within OEMs’ automotive vision systems.

The OEM also plans to introduce Foresight’s technology to its subsidiaries, customers and partners, presenting Foresight as a strategic business partner. This introduction is intended to strengthen the relationship between Foresight and its OEM partners to facilitate further collaboration.

Shares of FRSX were down 9.93% in midday trading Friday.