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Palantir Strikes Long-Term Partnership With French Automotive Supplier Faurecia: What You Need To Know

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Shanthi Rexaline
·1 min read
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Palantir Technologies Inc. (NASDAQ: PLTR) shares were advancing Thursday after the data analytics software company announced a strategic partnership.

What Happened: Palantir said it has entered into a six-year strategic partnership with French automotive supplier Faurecia to help the latter accelerate its digital transformation and move toward carbon neutrality.

The French company will use Palantir's Foundry software to obtain better insights on data from manufacturing to purchasing, and from engineering to finances.

See also: How to Buy Palantir Technologies (PLTR) Stock

The software will help reduce Faurecia's material consumption, improve R&D competitiveness, secure purchasing excellence and track and measure overall CO2 neutrality efforts, according to Palantir.

"The range of uses for Foundry across Faurecia shows the breadth of practical applications for our software in the manufacturing and automotive sectors," said Palantir COO Shyam Sankar.

Related Link: PreMarket Prep Stock Of The Day: Palantir

Why It's Important: Palantir's revenue guidance for fiscal year 2021 suggests a slowdown in growth to 30%-plus compared to 40% growth in the fourth quarter of 2021.

The commercial segment's revenue growth slowed in the fourth quarter.

Partnerships such as the one with Faurecia are likely to accelerate revenue momentum, eventually helping the company to outperform expectations.

PLTR Price Action: In premarket trading Thursday, Palantir shares were adding 4.16% to $25.78.

Related Link: What Palantir's Lock-Up Period Expiration Means For Investors

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