QCOM - Why Veoneer Is Soaring Today
Shares of Veoneer (NYSE: VNE) are soaring 18% in morning trading Thursday after the automotive tech company announced a partnership with Qualcomm (NASDAQ: QCOM) to develop integrated software and systems on a chip for advanced driver assistance and autonomous driving vehicle platforms.
The partnership could represent a leap forward for its advanced driver assistance systems (ADAS) as the auto industry suffered major setbacks during the pandemic. Veoneer also ended a joint venture with Volvo Group in April that saw them divvy up Zenuity, the joint venture that sought to develop and commercialize ADAS software. The two companies each took separate components of Zenuity to pursue on their own.
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