Benzinga | Aug 2, 2021 02:28PM EDT

Chery, Foresight, Guide Infrared Sign MOU For Business Cooperation; Chery To Consider Strategic Investment In Foresight

* Foresight Autonomous Holdings Ltd (NASDAQ:FRSX) has signed a memorandum of understanding (MOU) for multiphase business cooperation with Wuhu Chery Technology Co. Ltd. (Chery) and Xuanyuan Idrive Technology Co Ltd (XY), a subsidiary of Wuhan Guide Infrared Co. (Guide Infrared).

* In the first phase, Chery will test the QuadSight vision prototype system to evaluate Foresight's technology and its potential integration into advanced solutions for vehicles manufactured by Chery.

* Upon successful evaluation, the parties will negotiate a commercial agreement to develop advanced solutions based on Foresight's technology integrated with XY's automotive sensors.

* As a part of the cooperation, the parties will consider establishing a joint venture in China and consider promoting and selling the advanced solutions in Greater China.

* Additionally, Chery will consider a strategic investment in Foresight, in an amount and upon terms and conditions to be negotiated in the future.

* "Our advanced 3D vision technologies combined with Guide Infrared's thermal imaging capabilities potentially offer an accurate and reliable vision solution that can be integrated into Chery's semi- and fully autonomous vehicles to enhance their current safety systems," said Foresight's CEO Haim Siboni.

* Price action: FRSX shares are trading higher by 1.01% at $3.515 on the last check Monday.