Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX)
this morning announced that a leading global Chinese electric vehicle
manufacturer has submitted an order to purchase a prototype of the company’s
breakthrough QuadSight™ quad-camera vision system. The manufacturer intends to
evaluate the system and its performance with its current electric vehicles for
potential integration of QuadSight™ into its future autonomous electric
vehicles upon successful testing. QuadSight™ prototype sales enable Foresight
to collect important customer feedback and gain a deeper understanding of each
customer’s main requirements. The company believes that further evaluation of
its technology by potential customers can lead to future collaborations in
research and development, integration and commercialization of the system.
Revenue from the prototype system sale is anticipated to total tens of
thousands of dollars. “With China expected to be the largest market for
electric vehicles for at least the next five to seven years, and as analysts at
Boston Consulting Group predict that more than five million conventional cars
per year could be replaced by fully or semi-autonomous electric vehicles, we
feel that our QuadSight™ system is well suited for the evolving Chinese
electric vehicle market,” Foresight’s VP of Business Development, Doron
Cohadier stated in the news release.
To view the full press release, visit http://ibn.fm/YFh77
About Foresight
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX),
founded in 2015, is a technology company engaged in the design, development and
commercialization of stereo/quad-camera vision systems and V2X cellular-based
solutions for the automotive industry. Foresight’s vision systems are based on
3D video analysis, advanced algorithms for image processing and sensor fusion.
The company, through its wholly owned subsidiary Foresight Automotive Ltd.,
develops advanced systems for accident prevention which are designed to provide
real-time information about the vehicle’s surroundings while in motion. The
systems are designed to improve driving safety by enabling highly accurate and
reliable threat detection while ensuring the lowest rates of false alerts. The
company’s systems are targeting the Advanced Driver Assistance Systems (ADAS),
semi-autonomous and autonomous vehicle markets. The company estimates that its
systems will revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology. For more information, visit
the company’s website at www.ForesightAuto.com.
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