- The stock price of Borqs Technologies Inc (NASDAQ: BRQS) increased by 1.1% today. This is why it happened.
The stock price of Borqs Technologies Inc (NASDAQ: BRQS) – a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy with operations in the United States, India, and China – increased by 1.1% today. Investors responded positively to Borqs Technologies announcing that the company has entered into a five-year Strategic Cooperation Agreement with Cheyin Intelligent Technologies, Co. Ltd., an intelligent vehicle solutions provider for automobile OEMs, including vehicle interactive system development, services based on advanced artificial intelligence technologies.
Borqs and Cheyin’s cooperation plans to develop the smart digital cockpit market by deploying Qualcomm’s integrated and scalable automotive solutions, including but not limited to the R&D and manufacturing of In-Vehicle-Infotainment systems, intelligent cockpit systems, intelligent assisted driving systems, and other products based on the Qualcomm technology platform. And during the past decade, Cheyin has successively cooperated with Buick, Cadillac, Chevrolet, Skoda, SAIC GM, SAIC Volkswagen, FAW Pentium, FAW Mazda, FAW Toyota, Beijing Hyundai, and other automobile enterprises, serving over 10 million vehicle owners and users. Cheyin has nearly 1,000 employees and has offices in China and Singapore.
“We are very pleased to team up with Cheyin to leverage our deep expertise in the IoT and embedded software solutions. Borqs has developed software for In-Vehicle-Infotainment systems in the past several years which were installed in some of the China-made automobiles. Digital transformation in the automobile industry is accelerating in the coming years because of the robust growth of electric vehicles. Future cars will be more software-centric and intelligent to enhance customer experiences. We look forward to our cooperation with Cheyin to address the business opportunities in the tremendous EV smart cockpit market.”
— Pat Chan, the Chairman and CEO of Borqs
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