Veoneer Soars As Qualcomm Joins Bidding War With Magna By Investing.com



© Reuters.

By Dhirendra Tripathi

Investing.com – Veoneer inventory (NYSE:) was up 25% Thursday as chipmaker Qualcomm joined Magna Worldwide within the race to amass the auto tech agency.

Qualcomm (NASDAQ:) inventory fell 1.4%, and Magna (NYSE:) was 2% increased.

The maker of Snapdragon chips has provided $37 in money for every share of Veoneer, 18% increased than Magna’s July 23 provide of $31.25.

Veoneer designs, develops and manufactures software program, {hardware} and methods for occupant safety, superior driving help methods, collaborative and automatic driving.

Its sensors and software program options are geared toward stopping visitors accidents and, when accidents are unavoidable, its restraint management methods assist reduce the consequences of a crash.

As automobiles get good, demand for merchandise made by corporations like Veoneer is barely anticipated to extend and therefore the curiosity from Qualcomm and Magna.

Veoneer pegs its complete addressable market at ~$18 billion by 2023 and ~$29 billion in 2026.

On account of dependence on premium manufacturers, Veoneer is over-represented with OEMs which are likely to have decrease gentle car volumes. Over the following 5 years Veoneer expects to extend its share of gross sales with the highest 10 OEMs, based mostly on gentle car manufacturing.

 

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