Foresight Stock Surges Following Commercial Agreement With SUNWAY-AI

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  • Foresight Autonomous Holdings Ltd FRSX has signed a joint development and supply agreement with SUNWAY-AI Technology (Changzhou) Co., Ltd.
  • SUNWAY is a Chinese manufacturer of components for autonomous and unmanned intelligent vehicles.
  • The agreement establishes a joint program for developing and supplying obstacle detection systems and cloud gateway for driverless vehicles.
  • Foresight's QuadSight technology will provide driver assistance features to Chinese airport vehicles.
  • The parties will also develop advanced driver assistance systems (ADAS) for airport ground support vehicles, using both visible light and thermal cameras.
  • Over the contractual period of four years, the deal may yield up to $51 million in revenue based on demand from SUNWAY.
  • In the first half of 2023, SUNWAY will commercialize the ADAS systems to its customers and third parties in Mainland China, Hong Kong, Taiwan and Macao.
  • Also, SUNWAY has secured exclusive commercialization rights in China regarding the ADAS systems for ground support vehicles used in airports.
  • Price Action: FRSX shares are trading higher by 14.17% at $0.6178 on the last check Wednesday.
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