Foresight signs Chinese carmaker agreement

siboni autonomous car

The Israeli auto-tech company has signed an agreement with a leading Chinese car manufacturer for a pilot project to test Foresight's Eyes-On advanced driver assistance system.

Israeli smart car systems developer Foresight Autonomous Holdings Ltd. (TASE: FRSX; Nasdaq: FRSX) has signed an agreement with a leading Chinese car manufacturer, for a pilot project to test Foresight's Eyes-On advanced driver assistance system. The Chinese manufacturer has an annual manufacturing capacity of over one million vehicles. This pilot agreement follows a successful pilot with another leading Chinese car manufacturer JAC, which was signed in April, and with whom Foresight is also negotiating commercial cooperation. The company's share price rose 2.31% yesterday on news of the agreement.

Under the terms of this latest agreement, the Chinese manufacturer will provide Foresight a vehicle to be equipped with the company's Eyes-On system in order to test its performance. The pilot test will be financed by the manufacturer, except for production, shipping, installation and de-installation costs of the system. The objectives of the test are to demonstrate the performance of Foresight's accident prevention systems, which is based on 3D technology, and to gain deeper understanding of Chinese drivers' requirements for driver assistance systems, taking into consideration local weather, infrastructure and common driving conduct. Eyes-On will be tested in controlled and uncontrolled environments.

The parties have mutually agreed on pre-determined specific terms, conditions and specifications for the pilot test performance, as well as key performance indicators, requirements and criteria for the assessment of the pilot's success. The parties will consider entering into a future commercial agreement based on the results of the pilot test.

Controlled by CEO Haim Siboni, Foresight was boosted earlier this year by Intel's $15.3 billion acquisition of Mobileye (NYSE: MBLY), and it took advantage of the surge in its share price to raise NIS 40 million in March in a number of financing rounds and to list on Nasdaq.

Published by Globes [online], Israel business news - www.globes-online.com - on August 1, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

siboni autonomous car
siboni autonomous car
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