Foresight and Bumhan, a Leading South Korean Bus Manufacturer, to Develop Autonomous Electric Bus Solution
Foresight Autonomous Holdings (FRSX) has signed a multi-phase collaboration agreement with Bumhan Motors, a South Korean electric bus manufacturer, to develop advanced 3D perception solutions for autonomous electric buses. The partnership follows a successful proof-of-concept project demonstrating Foresight's technology effectiveness.
The initial phase focuses on improving operational safety and vision accuracy of Bumhan's electric buses, with plans to expand into semi- and fully autonomous commercial vehicles. The parties aim to finalize a commercial agreement by Q1 2025. Bumhan projects sales of 200 electric buses in 2025, targeting 3,000 units annually by 2029.
Foresight Autonomous Holdings (FRSX) ha firmato un accordo di collaborazione multi-fase con Bumhan Motors, un produttore sudcoreano di autobus elettrici, per sviluppare soluzioni avanzate di percezione 3D per autobus elettrici autonomi. La partnership segue un progetto di prova di concetto di successo che dimostra l'efficacia della tecnologia di Foresight.
La fase iniziale si concentra sul miglioramento della sicurezza operativa e della precisione visiva degli autobus elettrici di Bumhan, con piani per espandersi verso veicoli commerciali semi e completamente autonomi. Le parti puntano a finalizzare un accordo commerciale entro il primo trimestre del 2025. Bumhan prevede vendite di 200 autobus elettrici nel 2025, con l'obiettivo di raggiungere 3.000 unità annuali entro il 2029.
Foresight Autonomous Holdings (FRSX) ha firmado un acuerdo de colaboración en varias fases con Bumhan Motors, un fabricante surcoreano de autobuses eléctricos, para desarrollar soluciones avanzadas de percepción 3D para autobuses eléctricos autónomos. La asociación sigue a un proyecto de prueba de concepto exitoso que demuestra la eficacia de la tecnología de Foresight.
La fase inicial se centra en mejorar la seguridad operativa y la precisión visual de los autobuses eléctricos de Bumhan, con planes de expansión hacia vehículos comerciales semiautónomos y totalmente autónomos. Las partes buscan finalizar un acuerdo comercial para el primer trimestre de 2025. Bumhan proyecta vender 200 autobuses eléctricos en 2025, con un objetivo de 3,000 unidades anuales para 2029.
Foresight Autonomous Holdings (FRSX)는 한국 전기버스 제조업체인 Bumhan Motors와 자율 전기버스를 위한 고급 3D 인식 솔루션 개발을 위한 다단계 협력 계약을 체결했습니다. 이 파트너십은 Foresight 기술의 효과성을 입증하는 성공적인 개념 증명 프로젝트에 이어 이루어졌습니다.
초기 단계에서는 Bumhan의 전기버스의 운영 안전성과 시각 정확도를 개선하는 데 중점을 두며, 향후 반자율 및 완전 자율 상업용 차량으로 확대할 계획입니다. 양측은 2025년 1분기 내에 상업 계약을 최종화할 계획입니다. Bumhan은 2025년에 200대의 전기버스를 판매할 것으로 예상하며, 2029년까지 연간 3,000대에 도달할 목표를 세웠습니다.
Foresight Autonomous Holdings (FRSX) a signé un accord de collaboration en plusieurs phases avec Bumhan Motors, un fabricant sud-coréen de bus électriques, afin de développer des solutions avancées de perception 3D pour les bus électriques autonomes. Ce partenariat fait suite à un projet de preuve de concept réussi qui a démontré l'efficacité de la technologie de Foresight.
La phase initiale se concentre sur l'amélioration de la sécurité opérationnelle et de la précision visuelle des bus électriques de Bumhan, avec des plans pour s'étendre vers des véhicules commerciaux semi-autonomes et entièrement autonomes. Les parties visent à finaliser un accord commercial d'ici le premier trimestre 2025. Bumhan prévoit de vendre 200 bus électriques en 2025, avec un objectif de 3 000 unités par an d'ici 2029.
Foresight Autonomous Holdings (FRSX) hat eine mehrphasige Zusammenarbeit mit Bumhan Motors, einem südkoreanischen Hersteller von elektrischen Bussen, unterzeichnet, um fortschrittliche 3D-Wahrnehmungslösungen für autonome Elektrobusse zu entwickeln. Die Partnerschaft folgt auf ein erfolgreiches Machbarkeitsprojekt, das die Wirksamkeit der Technologie von Foresight demonstriert.
In der ersten Phase liegt der Fokus auf der Verbesserung der Betriebssicherheit und der visuellen Genauigkeit der elektrischen Busse von Bumhan, mit Plänen zur Erweiterung in semi- und vollautonome Nutzfahrzeuge. Die Parteien streben an, bis zum ersten Quartal 2025 eine kommerzielle Vereinbarung abzuschließen. Bumhan plant, im Jahr 2025 200 elektrische Busse zu verkaufen, mit dem Ziel, bis 2029 jährlich 3.000 Einheiten zu erreichen.
- Successful completion of proof-of-concept project demonstrating technology effectiveness
- Partner Bumhan projects sales target of 200 electric buses in 2025, scaling to 3,000 units by 2029
- Commercial agreement expected to be finalized by Q1 2025
- None.
Insights
The collaboration between Foresight and Bumhan represents a strategic entry into the growing autonomous electric bus market. The deal structure is particularly noteworthy, with Bumhan projecting
The successful proof-of-concept validation of Foresight's high-density point cloud and automatic calibration technology demonstrates clear technical differentiation in the autonomous vehicle sensor space. With Bumhan's established presence in South Korea and the region's growing emphasis on autonomous transportation, this partnership could significantly accelerate Foresight's market penetration in Asia.
However, investors should note that the commercial agreement is still pending finalization by Q1 2025 and the autonomous bus market faces regulatory and infrastructure challenges. The gradual scaling from 200 to 3,000 units indicates a realistic approach to market development, though execution risks remain.
This partnership taps into two major growth markets: electric vehicles and autonomous driving technology. The South Korean commercial EV market presents a significant opportunity, backed by government support and infrastructure development. The projected growth from
The collaboration's phased approach, starting with safety and vision systems before moving to full autonomy, aligns with market readiness and regulatory frameworks. Bumhan's status as a government-recognized manufacturer adds credibility and potential for public sector contracts. For Foresight, this deal could serve as a reference case for similar partnerships in other Asian markets, particularly given the region's accelerating adoption of autonomous transportation solutions.
Initially the parties will collaborate to develop and bring to market advanced 3D perception solutions for Bumhan’s autonomous electric buses, with plans to expand their offerings into semi- and fully autonomous solutions for commercial vehicles
Ness Ziona, Israel, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced today the signing of a multi-phase collaboration agreement with Bumhan Motors Ltd. (“Bumhan”), a leading South Korean electric bus manufacturer, to develop advanced 3D perception solutions for semi- and fully autonomous electric buses.
Initially, the parties will collaborate to develop and bring to market advanced solutions aimed at improving the operational safety, vision accuracy, and efficiency of Bumhan’s current and future electric buses. These solutions are designed to ensure optimal performance in various environmental conditions, including harsh weather and poor lighting. Looking ahead, the parties will expand their focus to develop and commercialize advanced 3D perception solutions for a variety of semi- and fully autonomous commercial vehicles, including Bumhan’s autonomous electric trucks.
The parties aim to finalize a commercial agreement by the end of the first quarter of 2025. Bumhan projects a commercial sales target of 200 electric buses per year for 2025, with an anticipated increase to 3,000 electric buses and electric commercial vehicles annually by 2029.
The agreement follows the successful completion of a proof-of-concept project. The project demonstrated the effectiveness of Foresight’s technology, particularly its high density point cloud and automatic calibration features, in significantly improving all object detection capabilities of Bumhan’s autonomous electric buses.
“We are excited to collaborate with Foresight to enhance the capabilities of our electric buses. We believe that integrating Foresight’s 3D perception technology into Bumhan’s buses will significantly enhance both safety and efficiency. We believe that this integration will enable our buses to operate continuously in the public transportation environment, paving the way for a more sustainable future in the transportation sector,” said Mr. Sehyun Cho, Chief Executive Officer of Bumhan.
“This collaboration marks a significant milestone in our mission to advance autonomous vehicle technology. Joining forces with Bumhan allows us to leverage our innovative 3D perception technology to create smarter transportation solutions. We believe that improving the operational capabilities of electric buses will increase their reliability and effectiveness for daily use,” said Mr. Oren Bar-On, Chief Executive Officer of Foresight Asia.
About Bumhan
Bumhan is a South Korean electric bus manufacturer owned by Bumhan Group. As a leading original equipment manufacturer, Bumhan is dedicated to advancing sustainable transportation through innovative clean energy solutions and autonomous driving technologies, collaborating with top global suppliers. Since its launch, Bumhan has consistently set new standards in electric mobility. The company has achieved recognition through national government projects.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on “X” (formerly Twitter), or join Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the proposed benefits of the collaboration agreement, the expected timing for finalizing a commercial agreement, sales target projections of electric buses, the belief that integrating its 3D perception technology into Bumhan’s buses will significantly enhance both safety and efficiency and enable Bumhan’s buses to operate continuously in the public transportation environment, paving the way for a more sustainable future in the transportation sector, that this collaboration marks a significant milestone in its mission to advance autonomous vehicle technology with it allowing it to leverage its innovative 3D perception technology to create smarter transportation solutions and the belief that improving the operational capabilities of electric buses will increase their reliability and effectiveness for daily use. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites.
Investor Relations Contact:
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FAQ
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