Foresight strengthens its position in China

25 October, 2016

Foresight reveals it has signed an agreement with one of the 3 leading automotive corporations in China. The Chinese manufacturer will invest up to 15 million dollars in Foresight. The two companies will test the technologies the technologies compatibility to autonomous driving

Foresight reveals it has signed an agreement with one of the 3 leading automotive corporations in China. The Chinese manufacturer will invest up to 15 million dollars in Foresight. The two companies will test the technologies the technologies compatibility to autonomous drivingforesight-1-300x179

Israeli ADAS newcomer Foresight strengthens its position in the Chinese automotive market. One month after signing a cooperation agreement with a leading Chinese car manufacturer, the company today revealed it has signed yet another cooperation agreement with another Chinese automotive manufacturer. Foresight and the unnamed Chinese corporation, said to be amongst the 3 leading car manufacturers in China, will cooperate in the development and commercialization of Foresights ADAS system, based on 3D technology. The company’s stock rose following the announcement today.

According to Foresight, he unnamed Chinese company is owned by the People’s Republic. The company produces millions of vehicles each year, including commercial and military vehicles. The unnamed automotive giant is said to have extensive cooperation’s with leading European and Asian car manufacturers, as part of which it produces vehicles of various brands for the local Chinese market.  The corporation has an investment branch investing in novel automotive related technologies.

The new agreement announced today is similar to the agreement signed between MobilEye and another Chinese auto manufacturer last month. The two companies will conduct a joint testing of MobilEye’s systems, in order to adjust the system for the Chinese market. The two companies are considering a joint pilot project to gain deeper understanding of the unique requirements of the local market. According to the outcome of such a pilot, the two companies will models for the commercialization and distribution of Foresight’s systems in China.

Since 2009, the Chinese automotive market is the largest in the world, by a considerable gap.  In 2015, Chinese auto manufacturers sold over 21.1 million vehicles, a 7.3% increase compared with 2014. According to a research published by Forbes, the market is expected to grow by 8% in 2016 to 22.8 million new vehicles.

Share via Whatsapp

Posted in: Automotive , Autonomous Car , News