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Foresight Signs MOU for Cooperation With Global Chinese Vehicle Manufacturer Chery

Chery and Foresight, together with Guide Infrared, will collaborate on autonomous vehicles to develop advanced solutions based on Foresight’s technology

NESS ZIONA, ISRAEL – News Direct – 3 August 2021 – Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today the signing of a memorandum of understanding (MOU) for a multiphase business cooperation with Wuhu Chery Technology Co., LTD (Chery), a global Chinese vehicle manufacturer and Xuanyuan Idrive Technology Co. Ltd. (XY), a subsidiary of Wuhan Guide Infrared Co. (Guide Infrared) (Shenzhen stock code: 002414, market cap of approximately $10 billion), a leading Chinese developer and manufacturer of infrared thermal imaging systems.

During the first phase, Chery will test the QuadSight® vision prototype system for the purpose of evaluating Foresight’s technology and its potential further integration into advanced solutions for vehicles manufactured by Chery. Upon successful evaluation, the parties will negotiate a commercial agreement for the co-development of advanced solutions based on Foresight’s technology integrated with XY’s automotive sensors. The advanced solutions are designed for potential integration into semi- and fully autonomous vehicles manufactured by Chery.

As a part of the cooperation, the parties will consider establishing a joint venture in China, by themselves or with third parties. Furthermore, the parties are considering promoting and selling the advanced solutions in Greater China through the joint venture.

Additionally, to help accelerate innovation in the autonomous vehicles market and enable Foresight’s product expansion, Chery will consider a strategic investment in Foresight, in an amount and upon terms and conditions to be negotiated in the future.

“By signing this cooperation MOU with a leading automotive OEM, we continue our strategy to expand our presence in the Chinese automotive market. Our advanced 3D vision technologies combined with Guide Infrared’s thermal imaging capabilities potentially offer an accurate and reliable vision solution that can be integrated into Chery’s semi- and fully autonomous vehicles to enhance their current safety systems,” said Haim Siboni, CEO of Foresight. “I believe that this vote of confidence from another vehicle manufacturer, along with a potential strategic investment, may open the door for additional opportunities, worldwide and specifically in the Asian automotive market.”

Foresight Signs MOU for Cooperation With Global Chinese Vehicle Manufacturer Chery Source link Foresight Signs MOU for Cooperation With Global Chinese Vehicle Manufacturer Chery

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