Palantir and Faurecia Embark on Long-Term Strategic Partnership

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) has formed a six-year strategic partnership with Faurecia, a leading automotive tech firm, to enhance Faurecia's digital transformation and CO₂ neutrality efforts. Utilizing Palantir's Foundry software, Faurecia aims to optimize data integration across various departments, improve material consumption, and boost R&D competitiveness. This partnership is notable as it marks Palantir's first engagement with an automotive supplier based in France, further broadening its presence in the automotive sector.

Positive

• Strategic six-year partnership with Faurecia boosts digital transformation.
• Implementation of Palantir's Foundry software to enhance data integration.
• Potential to reduce material consumption and improve R&D competitiveness.

Negative

• None.

Palantir Technologies Inc. (NYSE:PLTR) announced today it has entered into a six-year strategic partnership with Faurecia, one of the world’s leading automotive technology companies, to accelerate its digital transformation and ambition to be CO₂ neutral.

Palantir Foundry was designed to help organizations integrate disparate data sources and make the best possible use of their data. Faurecia will use Palantir's Foundry software to gain further insight into its data across the company, from manufacturing to purchasing, from engineering to finances.

Built on top of Faurecia’s IT portfolio and contracted cloud services, Palantir Foundry will allow Faurecia to reduce raw material consumption, improve R&D competitiveness, secure purchasing excellence and track and measure overall CO₂ neutrality efforts. The applications built on the data platform will contribute to generate digital twins, thus also enabling Faurecia’s capabilities to proactively simulate variability.

“The partnership with Palantir will trigger a major new step in our digital transformation, allowing to robustly scale our digitalization actions. Developing and strengthening our large-scale data capture and analysis will further increase agility, enhance the use of artificial intelligence and increase decision support and automation in Faurecia,” said Grégoire Ferré, Cockpit of the Future and Digital Services Factory Senior Vice President.

“The range of uses for Foundry across Faurecia shows the breadth of practical applications for our software in the manufacturing and automotive sectors,” said Palantir COO Shyam Sankar. “We are proud to partner with Faurecia in its mission to improve the efficiency of its products as well as its environmental footprint.”

In 2017, Faurecia started its digital transformation to boost its competitiveness and generate leading-edge performance in manufacturing and support functions. Digital quality and data analysis, smart automation, and manufacturing and execution systems are currently deployed at around 200 sites. To accelerate Faurecia’s digital transformation, the Group created the Digital Services Factory, which is developing AI systems and deploying industrial solutions progressively across sites and different functions using an Internet of Things (IoT) approach.

The partnership marks Palantir’s first engagement with a France-based automotive supplier and an expansion of its long history of work in the automotive sector and the manufacturing industry.

About Palantir Technologies

Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.com.

About Faurecia

Founded in 1997, Faurecia has grown to become a major player in the global automotive industry. With 266 industrial sites, 39 R&D centers and 114,000 employees in 35 countries, Faurecia is a global leader in its four areas of business: Seating, Interiors, Clarion Electronics and Clean Mobility. Faurecia has focused its technology strategy on providing solutions for the “Cockpit of the Future” and “Sustainable Mobility”. In 2020, the Group posted sales of €14.7 billion. Faurecia is listed on the Euronext Paris stock exchange. For more information, please visit www.faurecia.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210311005176/en/

FAQ

What is the significance of Palantir's partnership with Faurecia?

The partnership aims to accelerate Faurecia's digital transformation and support its CO₂ neutrality efforts using Palantir's Foundry software.

How will Palantir Technologies benefit from this partnership?

This collaboration expands Palantir's presence in the automotive sector and marks its first engagement with a France-based automotive supplier.

What are the expected outcomes of using Palantir's Foundry at Faurecia?

Faurecia expects to improve data integration, enhance decision-making, and increase automation across its operations.

What does this partnership mean for Palantir's stock (PLTR)?

The strategic partnership could enhance Palantir's revenue potential and market presence in the automotive industry.