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
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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