Veoneer will partner with Qualcomm Technologies on developing software for its driver assistance systems, the Swedish supplier said Thursday.
The supplier of vision systems, radar and software for advanced driver-assistance systems said it had signed a non-binding letter of intent with the U.S. technology company and expected to finalize a definitive agreement in the second half of this year.
Veoneer, which competes with companies such as Aptiv , Bosch and Continental, has been hit hard by the coronavirus pandemic as the auto industry saw production halted in many markets by widespread lockdowns.
Veoneer said in a statement it would develop an integrated platform with Qualcomm to be available through Tier 1 suppliers or directly to automakers for 2024 vehicle production.
"This relationship not only strengthens our product portfolio, but also broadens our go-to-market position and opportunities, while giving customers more ways to access world-leading technology," Veoneer CEO Jan Carlson said in a statement.
The company, which supplies automakers such as Daimler, Ford and Honda, said last month it expected sales this year to outpace light-vehicle production.
