Chery to Test QuadSight Vision of Foresight
Automotive vision systems innovator Foresight Autonomous Holdings Ltd announced signing of a memorandum of understanding for multiphase business cooperation with leading Chinese developer and manufacturer of infrared thermal imaging systems Wuhu Chery Technology Co LTD. During the first phase, Chery will test the QuadSight vision prototype system for the purpose of evaluating Foresight’s technology and its potential further integration into advanced solutions for vehicles manufactured by Chery. Upon 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.
As a part of the cooperation, the parties will consider establishing a joint venture in China, by themselves or with third parties. Furthermore, the parties are considering promoting and selling the advanced solutions in Greater China through the joint venture.
Additionally, to help accelerate innovation in the autonomous vehicles market and enable Foresight’s product expansion, Chery will consider a strategic investment in Foresight, in an amount and upon terms and conditions to be negotiated in the future.