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MarketScreener Homepage  >  Equities  >  Xetra  >  Continental AG    CON   DE0005439004

CONTINENTAL AG

(CON)
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Auto tech firm Veoneer teams up with Qualcomm on driver software

08/27/2020 | 10:35am EST
A Qualcomm sign is pictured at Mobile World Congress (MWC) in Shanghai

Veoneer will cooperate with Qualcomm Technologies on developing a software and chip platform for driver-assistance systems, the auto technology firm said on Thursday, sending its shares sharply higher.

The Swedish maker of vision systems, radar and software for advanced driver-assistance systems (ADAS) said it had signed a non-binding letter of intent with the U.S. firm and expected to finalise a definitive agreement in the second half of this year.

Veoneer's software development strategy, increasingly important with the auto industry in the midst of a rapid transformational shift, has been under scrutiny since it ended its Zenuity software joint venture with Volvo Cars in April.

"This is a significant event for Veoneer which we are very happy to announce,", Carlson told Reuters, adding that he expected the integrated software and system-on-a-chip platform would generate major interest from customers.

Shares in Veoneer were up 17.3% 1353 GMT. They are still down 18% so far this year.

Veoneer, which competes with companies such as Aptiv, Bosch, Continental and Intel's Mobileye, has been hit hard by the coronavirus pandemic as the car industry has seen production halted in many markets by widespread lockdowns.

Veoneer said in a statement it expected the integrated platform developed with Qualcomm to be available through automotive Tier 1 suppliers or directly to original equipment manufacturers (OEM) for 2024 vehicle production.

"This relationship not only strengthens our product portfolio, but also broadens our go-to-market position and opportunities, while giving customers more ways to access world-leading technology," Carlson said in a statement.

The company, which supplies carmakers such as Daimler, <Ford F.N> and Honda, said last month it expected sales this year to outpace light-vehicle production.

($1 = 8.7265 Swedish crowns)

By Johannes Hellstrom and Helena Soderpalm


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.15% 199.9 Delayed Quote.27.41%
APTIV PLC 2.86% 121.86 Delayed Quote.28.31%
CONTINENTAL AG 0.21% 116.95 Delayed Quote.1.47%
DAIMLER AG 0.89% 56.59 Delayed Quote.14.62%
HONDA MOTOR CO., LTD. -2.00% 2996 End-of-day quote.-3.32%
INTEL CORPORATION 0.85% 47.45 Delayed Quote.-21.39%
QUALCOMM INCORPORATED -0.17% 143.83 Delayed Quote.63.30%
VEONEER, INC. -1.17% 20.2 Delayed Quote.29.32%
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Financials
Sales 2020 37 416 M 44 760 M 44 760 M
Net income 2020 -489 M -585 M -585 M
Net Debt 2020 4 572 M 5 469 M 5 469 M
P/E ratio 2020 -49,6x
Yield 2020 2,05%
Capitalization 23 391 M 27 966 M 27 982 M
EV / Sales 2020 0,75x
EV / Sales 2021 0,67x
Nbr of Employees 233 688
Free-Float 54,0%
Chart CONTINENTAL AG
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Technical analysis trends CONTINENTAL AG
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 111,92 €
Last Close Price 116,95 €
Spread / Highest target 41,9%
Spread / Average Target -4,30%
Spread / Lowest Target -43,6%
EPS Revisions
Managers
NameTitle
Elmar Degenhart Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance, Controlling, Compliance & Law
Michael Iglhaut Member-Supervisory Board
Dirk Nordmann Member-Supervisory Board
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