By Sam Boughedda
Investing.com — Qualcomm Incorporated (NASDAQ:QCOM) announced Tuesday that automaker BMW will use Qualcomm chips in its driver assistance systems (ADAS) and automated driver (AD) platforms.
"BMW's next generation Automated Driving stack will be based on the Snapdragon Ride vision system-on-chip (SoC), vision perception and ADAS central compute SoC controllers managed by Qualcomm® Car-2-Cloud services platform," Qualcomm announced.
BMW will use the chips to bring ADAS and AD functions, including front, rear, and surround-view camera computer vision and a high-performance ADAS central compute controller. "Our announcement with BMW today is the onset of a new era in automotive where two technology leaders have come together to design and develop a key element of Snapdragon Digital Chassis for the next generation automobile," said Cristiano Amon, president and CEO.
Qualcomm, one of the world's largest chip suppliers, has been diversifying its business away from just mobile phones and into cars. It recently announced a deal to buy automotive technology company Veoneer) for $4.5 billion.
Today's announcement came before Qualcomm's investor day event, where it has so far provided several updates, including that Meta's Oculus hardware is to use its Snapdragon XR2 chips and that it has 2-year commitments for smartphone chips from all major customers.
The company also told investors it sees automotive revenues of $3.5 billion in five years and $8 billion in 10 years, with IOT sales growing as much as $9 billion by 2024.
Qualcomm shares are up over 3% on Tuesday.