Foresight announces collaboration with Chinese EV brand

Foresight Autonomous Holdings (NASDAQ:), a pioneer in automotive vision systems, announced Friday the signing of a multi-phase collaboration agreement with a prominent China-based global Electric Vehicle (EV) OEM.

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

As previously outlined on September 21, 2023, the initial phase of the agreement involves conducting a proof of concept (POC) project aimed at assessing Foresight’s 3D perception capabilities, encompassing high-resolution point cloud, object detection, and disparity map functionalities. The objective is to potentially enhance the current automotive vision solution employed by the OEM.

Upon the successful conclusion of the POC project, both parties aim to enter negotiations for a definitive commercial agreement. This subsequent phase involves joint efforts in the development, integration, and eventual commercialization of Foresight’s technology within the OEM’s automotive vision systems.

Additionally, the OEM plans to introduce Foresight’s technology to its subsidiaries, customers, and partners, presenting Foresight as a strategic business collaborator. This introduction is intended to foster relationships between Foresight and the OEM’s partners, facilitating further cooperation.

Shares of FRSX are down 9.93% in mid-day trading on Friday.