Chery, Foresight, Guide Infrared Sign MOU For Business Cooperation; Chery To Consider Strategic Investment In Foresight

Foresight Autonomous Holdings Ltd FRSX has signed a memorandum of understanding (MOU) for multiphase business cooperation with Wuhu Chery Technology Co. Ltd. (Chery) and Xuanyuan Idrive Technology Co Ltd (XY), a subsidiary of Wuhan Guide Infrared Co. (Guide Infrared).
In the first phase, Chery will test the QuadSight vision prototype system to evaluate Foresight's technology and its potential integration into advanced solutions for vehicles manufactured by Chery.
Upon successful evaluation, the parties will negotiate a commercial agreement to develop advanced solutions based on Foresight's technology integrated with XY's automotive sensors.
As a part of the cooperation, the parties will consider establishing a joint venture in China and consider promoting and selling the advanced solutions in Greater China.
Additionally, Chery will consider a strategic investment in Foresight, in an amount and upon terms and conditions to be negotiated in the future.
"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 Foresight's CEO Haim Siboni.
Price action: FRSX shares are trading higher by 1.01% at $3.515 on the last check Monday.