© Foresight Automotive PR Foresight (FRSX) announces collaboration with Chinese electric vehicle brand
Foresight Autonomous Holdings (NASDAQ:), a pioneer in automotive vision systems, announced Friday the signing of a multi-phase collaboration agreement with a leading global electric vehicle (EV) OEM based in China.
This OEM specializes in electric vehicles, rechargeable batteries and related products.
As previously reported on September 21, 2023, the initial phase of the agreement involves conducting a proof-of-concept (POC) project to evaluate Foresight’s 3D perception capabilities, encompassing high-resolution point cloud, sensing and of objects and disparity map. The goal is to potentially improve the current automotive vision solution used by the OEM.
Once the POC project is successfully concluded, both parties aim to begin negotiations for a definitive commercial agreement. This subsequent phase involves joint efforts in the development, integration and eventual commercialization of Foresight’s technology within OEM automotive vision systems.
Additionally, the OEM plans to showcase Foresight’s technology to its subsidiaries, customers and partners, introducing Foresight as a strategic business collaborator. This introduction aims to foster relationships between Foresight and OEM partners, thereby facilitating further cooperation.
FRSX shares are down 9.93% as of midday Friday.