Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, has signed a memorandum of understanding (“MOU”) with Wuhu Chery Technology Co. Ltd. and Xuanyuan Idrive Technology Co. Ltd. to collaborate in developing advanced solutions based on Foresight technology for autonomous vehicles. Chery is a global Chinese vehicle manufacturer, and Xuanyuan Idrive is a subsidiary of Wuhan Guide Infrared Co., a leading Chinese developer and manufacturer of infrared thermal imaging systems. The MOU outlines initial plans for Chery to test FRSX’s QuadSight(R) vision prototype system for potential integration into advanced solutions for vehicles manufactured by Chery. Once the evaluation 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. Included in the MOU is the possibility of establishing a joint venture through which the parties are evaluating the promotion and sales of advanced solutions in Greater China. In addition, according to the announcement, Chevy may consider a strategic investment in Foresight to accelerate innovation in the autonomous vehicles market. “By signing this cooperation MOU with a leading automotive OEM, we continue our strategy to expand our presence in the Chinese automotive market,” said Foresight CEO Haim Siboni in the press release. “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. 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.”
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About Foresight Autonomous Holdings Ltd.
Foresight is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. Foresight’s vision solutions include modules of automatic calibration, sensor fusion and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics. For more information, visit the company’s website at www.ForesightAuto.com.
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