VNE - VNE STOCK NEWS

Veoneer, Inc. (NYSE: VNE) has released its 2022 Research Tech Talk titled "Trust in Collaborative - and Self-Driving - What's Next?" The event features a panel moderated by Senior Advisor Ola Boström, including industry leaders from Aurora, Qualcomm, and the City of San Jose. The discussion focuses on innovations in Augmented Driving and the evolution of safe mobility, addressing key questions about traffic safety and vehicle systems. The Tech Talk is available in Veoneer's virtual showroom.

Veoneer (NYSE: VNE) will showcase its innovations focused on road safety at CES 2022 from January 5-8, 2022, through a virtual exhibition due to COVID-19 concerns. The theme "Fit-to-Drive" emphasizes collaboration between drivers and technology. Attendees can experience product demonstrations on LiDAR, Driver Monitoring Systems, and more. Veoneer aims to enhance automotive safety and efficiency, demonstrated by its advancements in autonomous driving technology. In 2020, the company reported sales of $1.37 billion and continues to innovate in automotive safety, emphasizing driver-vehicle collaboration.

Arriver, the software unit of Veoneer, has announced a partnership with Qualcomm Technologies to provide Vision Perception software for BMW's Snapdragon Ride™ Platform. Production is expected to start in 2025 and will feature deep learning algorithms for enhanced vision capabilities. CEO Jan Carlson highlighted the significance of this collaboration, emphasizing its potential to improve driver safety and convenience. Veoneer, which reported $1.37 billion in sales in 2020, specializes in advanced automotive safety technologies.

Veoneer, Inc. (NYSE: VNE) reported Q3 2021 net sales of $391 million, up 5% year-over-year, driven by a 27% increase in Active Safety segment sales. Despite a 20% decline in light vehicle production, organic sales rose 3%. Operating cash flow was negative at $(120) million, with a cash balance of $420 million. The company is now focused on an acquisition by SSW and Qualcomm, terminating a previous deal with Magna. Forward-looking guidance is withheld amidst current semiconductor shortages affecting production.

Qualcomm and SSW Partners announced a definitive agreement to acquire Veoneer for $37.00 per share, valuing Veoneer at $4.5 billion. This acquisition will involve SSW Partners retaining Veoneer's Tier-1 supplier businesses while selling the Arriver business to Qualcomm. The share price represents an 18% premium over a previous agreement with Magna. Expected to close in 2022, the deal is subject to regulatory approvals. Both Qualcomm and SSW Partners aim to ensure Veoneer’s business continuity and explore strategic partnerships for remaining assets.

Veoneer, Inc. (NYSE: VNE) has received a revised non-binding proposal from Qualcomm to acquire all outstanding shares at $37.00 each, following Qualcomm's initial offer on August 5, 2021. Veoneer is currently assessing the proposal with its financial and legal advisors and may negotiate with Qualcomm and Magna International Inc., with whom it has an existing merger agreement from July 22, 2021. The board has not changed its support for the Magna merger. No guarantees exist that this acquisition will proceed.

On September 6, 2021, Veoneer, Inc. (NYSE: VNE) announced its significant role in the Mercedes-Benz DRIVE PILOT system, enabling level 3 hands-off self-driving technology. This advanced system leverages Veoneer’s 4th generation stereo vision camera and 77GHz radar technologies, designed for enhanced object detection and spatial awareness. The DRIVE PILOT system allows vehicles to autonomously manage certain driving conditions, requiring drivers to be ready to take over within 10 seconds. Veoneer's commitment to innovation underscores its position as a leader in automotive safety and technology.

Veoneer, Inc. (NYSE: VNE) announced on August 9, 2021, that its board has deemed Qualcomm's acquisition proposal a "Superior Proposal" compared to its merger agreement with Magna. This allows Veoneer to engage in discussions with Qualcomm while maintaining its recommendation for stockholders to approve the merger with Magna. The Merger Agreement is still in effect, but Veoneer may terminate it under specific conditions if the Qualcomm deal is finalized. The board must comply with various criteria, including a $110 million termination fee to Magna.