Automotive technology firm Veoneer announced today that it had signed a deal with U.S. chip giant Qualcomm.
The deal was struck to develop a software and chip platform for advanced driver assistance systems.
Earlier in August last year, the companies communicated their plans to team up. Their joint platform will seek to rival companies such as Intel’s Mobileye
Veoneer, which also makes radars and vision systems, said it had formed Arriver, a dedicated software unit for the development of the complete perception and drive policy software stack.
Veoneer shares, which have more than doubled since the preliminary plans with Qualcomm were first announced, rose 2.8% in early Stockholm trading on Tuesday.
Veoneer said that Arriver software is already functional on Qualcomm’s Snapdragon Ride Platform, “which will be available for automotive customers in coming months”.