Borqs Technologies Enters into the Automobile and EV Smart Cockpit Market
Borqs Technologies (Nasdaq: BRQS) has established a five-year Strategic Cooperation Agreement with Cheyin Intelligent Technologies to enhance the smart digital cockpit market. This partnership focuses on developing products based on Qualcomm's automotive solutions, including In-Vehicle-Infotainment and intelligent cockpit systems. Cheyin has collaborated with major auto manufacturers, serving over 10 million vehicles. The collaboration aims to capitalize on the growing demand for electric vehicles as the automotive industry becomes increasingly software-centric.
- Established a five-year Strategic Cooperation Agreement with Cheyin, enhancing market position in smart digital cockpit sector.
- Leveraging Qualcomm's technology for product development, covering In-Vehicle-Infotainment and intelligent driving systems.
- Cheyin's established relationships with major automakers could provide competitive advantages and market access.
- Risks associated with the reliance on Qualcomm's technology and market acceptance.
- Dependencies on Cheyin's performance and their existing relationships with automakers may present operational risks.
SANTA CLARA, Calif., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), 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, today announced that the Company has entered into a five year Strategic Cooperation Agreement with Cheyin Intelligent Technologies, Co. Ltd. (“Cheyin”), 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.
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 more than 10 million vehicle owners and users. Cheyin has nearly 1,000 employees and has offices in China and Singapore.
Pat Chan, the Chairman and CEO of Borqs said: “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.”
Mckinsey has projected the future trend on the traditional cars’ evolving into smart devices on wheels where drivers can work, socialize, and be entertained.
https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-new-key-to-automotive-success-put-customer-experience-in-the-drivers-seat
For more information about Cheyin Intelligent Technologies, please visit the company’s website at: www.vcyber.cn
About Borqs Technologies, Inc.
Borqs Technologies is a Qualcomm portfolio company, a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products. The Company is also currently in development of 5G products for phones and hotspots.
Borqs recently acquired controlling interests in a solar energy storage systems company in the U.S.
Forward-Looking Statements and Additional Information
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Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
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