Foresight Autonomous shares rise on cooperation agreement with Chinese EV manufacturer
Foresight Autonomous Holdings (NASDAQ:FRSX), a leading technology firm, saw an 11% increase in its share prices on Thursday, reaching $2.59 before later closing at $2.35. This surge followed the announcement of a significant cooperation agreement with a top-tier, undisclosed Chinese manufacturer specializing in electric vehicles (EVs) and rechargeable batteries.
The collaboration is structured in multiple phases, beginning with a proof-of-concept project to assess Foresight's 3D perception capabilities. These include high-resolution point cloud, object detection, and disparity map technologies. The main objective of this initial phase is to explore potential enhancements to the existing automotive vision solution of the Chinese Original Equipment Manufacturer (OEM).
If the proof-of-concept project proves successful, both parties plan to negotiate a definitive commercial agreement. This would focus on joint development, integration, and commercialization of Foresight's advanced technology into the Chinese OEM's automotive vision systems.
Despite the recent uptick in share prices following this positive news, it's worth noting that Foresight Autonomous Holdings' shares have experienced a significant 32% drop over the last 12 months. Nevertheless, this new partnership could potentially signal a turning point for the company.
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