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I have increased my holding following todays announcement and have a personal 6 month price target of 9p.
"Seeing Machines has now been appointed to deliver 18 expanding programs for 11 individual OEM customers, building the cumulative initial lifetime value of all ongoing Automotive programs to US$392m, with most of that revenue expected between now and 2028."
That's circa $70m to $80m revenue annually for the next 5 years based on "initial" values for automotive alone. A three fold increase on the last financial year end results surely ensuring breakeven in 2024/25 and removing the risk of any cash raise.
Top 4 sales in Europe & we got 3 OEMs in top 4
VW
BMW
Mercedes
Volkswagen remained the best-selling car brand in Europe in March 2024 followed by Toyota and BMW. The top-selling car model and battery-electric vehicle in Europe in March 2024 was the Tesla Model Y. The Dacia Sandero, VW Golf, and the Tesla Model Y were the three most popular car models in Europe in the first quarter of 2024.
Despite weaker sales, Volkswagen remained the largest car brand in Europe by far in March 2024. BMW moved into second place with sales up 9%, a similar improvement as second-place Toyota. Mercedes-Benz sales were flat.
https://www.best-selling-cars.com/europe/2024-march-europe-car-sales-and-market-analysis/?utm_content=cmp-true
@Terry: calendar year as per headline:
Automotive program extension to 2032 with existing North American Tier 1 and OEM, start of production this calendar year
Big danger is that when you puff up value you tend to crash on rocks of reality. For all the DMS providers cars in production per quarter and revenue per fitment is king. That will drive share price up or down in some cases. Cumulative business awards mean nothing and Smarteye numbers really suggest that many of the earlier awards never went anywhere and any expansion is fantasy. If they did it would be in the numbers. Nearly all awards before 2021 are likely supported driving only and uptake on that is optional and hence low numbers. The uptake is increasing, more oems offer it and dms via a camera for safety is law for vehicles in eu in 2026. We all want the share price to do well and some just want a false spike to exit - I get that.
If it was SmartEye they would have added a zero at the end of it on further expansion & estimates & the stock would have gone up by 40%
As always we send out a boring RNS that has no sizzle & we get a muted response.
Whoever does there RNS’s needs a lesson in capturing investors excitement as it’s hardly exciting when in theory it actually is positive news.
Modest
requirements and is scheduled to start production before the end of 2024 with an initial estimated incremental lifetime value of US$26m.
Calendar year or FY? Doesn’t say but either way will contribute to break even in FY 25
Might it be we get bluecruise Adas versions and smarteye get budget end of market for compliance?
Bluecruise might migrate down range and become standard building uptake. Just a thought.
Interesting we mention USA Europe and China. Look back at Seye rns from dec 22 they say….
intended for the markets of North America, Europe and China.
https://www.smarteye.se/news/smart-eye-wins-800-msek-dms-deal-with-large-north-american-oem-up-to-53-design-wins/
Have they done another BMW & we have got 1/3rd of contract they won? If so could get the other 2/3rds back?
The plot thickens as always…
Nice one, let's hope that it contributes to bringing accountancy 'break even' date - even closer.
Ford
Automotive program extension to 2032 with existing North American Tier 1 and OEM, start of production this calendar year
Initial estimated incremental lifetime value of US$26m
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Company"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, announces a significant generational program extension with an existing North American Tier-1 customer and OEM.
The initial program, already in production, will expand to a total of 19 distinct vehicle models being sold in North America, Europe and China, and extend through 2032 based on the OEM's next generation Driver Monitoring System (DMS) solution utilising Seeing Machines' improved FOVIO Chip design delivering increased feature capability with reduced cost, power and size.
This award extends to all of the OEM's European vehicle models in support of fast approaching Euro NCAP (New Car Assessment Program) and European GSR (General Safety Regulation) requirements and is scheduled to start production before the end of 2024 with an initial estimated incremental lifetime value of US$26m.
Nick DiFiore, SVP and GM of Automotive at Seeing Machines, commented: "I am delighted to be extending an important incumbency with this generational program extension, which benefits from our evolving FOVIO Chip technology supporting our Tier 1 and OEM customer's long-term needs related to safe semi-automated driving, driver safety regulation, and enhanced convenience features. Seeing Machines' commitment is firmly focused on building customer confidence by getting programs successfully to production and this new award demonstrates the confidence our customers have in our ability to do just that."
Seeing Machines has now been appointed to deliver 18 expanding programs for 11 individual OEM customers, building the cumulative initial lifetime value of all ongoing Automotive programs to US$392m, with most of that revenue expected between now and 2028.
Nm
A little bit of press coverage, but not mentioning SEE, although SEE have put out congratulations on FB!
https://markets.ft.com/data/announce/full?dockey=1330-9108625en-7FQS96N9VK0AG02LCPD9ESE9S8
This is a big deal, hopefully this will be proof industry needs that this is best DMS solution in town !
Also lets hope SEE piggy back on this industry win as its no secret we have teamed up with Magna on the mirror. PR & comms team please go to work & get the news out there
Magna Wins 2024 Automotive News PACE Award, Receives PACEpilot Recognitions
AURORA, Ontario, April 30, 2024 – Magna was named a 2024 Automotive News PACE Award winner and received multiple PACEpilot Innovation to Watch recognitions at the awards ceremony on April 29th. The prestigious PACE Award recognizes automotive suppliers for superior innovation, technological advancement, and business performance, while the PACEpilot acknowledges post-pilot, pre-commercial innovations in the automotive and future mobility space. Magna was the only company to receive both a PACE Award and multiple PACEpilot Innovation to Watch recognitions.
Magna’s Integrated Driver & Occupant Monitoring System, an industry-first solution that integrates an intelligent camera system into the interior mirror to actively detect, predict and react to distracted driving, was one of 13 PACE Award winners out of 33 finalists. Within the mirror is a high‐resolution camera, infrared emitters, and electronic control unit, while advanced software monitors the movement of the driver’s head, eyes and body in real time to detect distracted behavior, drowsiness and fatigue.
In addition to the PACE Award, Magna received two PACEpilot Innovation to Watch recognitions for the company’s EcoSphere™ 100% Melt-Recyclable Foam and Trim and Modular & Scalable Active Grille Shutter Assembly.
EcoSphere™ 100% Melt-Recyclable Foam and Trim is a simple, smart and sustainable seating solution that eliminates the disposal of seating foam pads and trim covers in landfills by utilizing polyester-based mono-materials with the company’s innovative 100% Melt Recyclable Foam and Trim system. EcoSphere will be production-ready in 2025 to boost sustainability by reducing the number of seats that end up in landfills.
Magna’s Modular & Scalable Active Grille Shutter Assembly is an innovative and cost-effective solution that can be easily adapted to many vehicles using only about seven common parts to create up to 90 grille shutter variations. Magna produces nearly 3 million Active Grille Shutters annually and the aero product suite has already contributed to a CO2 reduction of over 6 million metric tons since 2015.
"We are proud to be recognized with these prestigious accolades, affirming Magna's ongoing commitment to driving innovation and raising the industry's benchmark,” said Eric Wilds, Chief Sales and Marketing Officer at Magna. “This is a testament to the hard work and creativity of our committed team, who continuously strive to develop new solutions that prioritize safety, sustainability, and efficiency in the automotive industry. The Integrated Driver & Occupant Monitoring System, EcoSphere™ 100% Melt-Recyclable Foam and Trim, and Modular & Scalable Active Grille Shutter Assembly are just a few examples of our team's dedication to pushing the boundaries of what is possible."
Magna was also named a PACE Award finalist for the company’s Thermoplastic Swing Doors, w
Https://www.linkedin.com/posts/magna-international_magnaawards-automotivenews-paceaward-activity-7191136355240873985-xOjW?utm_source=share&utm_medium=member_android
Magna’s Integrated Driver & Occupant Monitoring System, an industry-first solution that integrates an intelligent camera system into the interior mirror to actively detect, predict and react to distracted driving, was one of 13 PACE Award winners out of 33 finalists. Within the mirror is a high‐resolution camera, infrared emitters, and electronic control unit, while advanced software monitors the movement of the driver’s head, eyes and body in real time to detect distracted behavior, drowsiness and fatigue.
The 29th annual PACE Awards were presented by Automotive News. The competition was open to suppliers that contribute products, processes, materials, or services directly to the manufacture of cars or trucks. The Automotive News PACE Award is accepted around the world as the industry benchmark for innovation.
NEW YORK -- The U.S. government's auto safety agency is investigating whether last year's recall of Tesla's Autopilot driving system did enough to make sure drivers pay attention to the road.
The National Highway Traffic Safety Administration says in documents posted on its website Friday that Tesla has reported 20 more crashes involving Autopilot and since the recall. The crashes and agency tests raised concerns about the effectiveness of the remedy. The recall involved more than 2 million vehicles, nearly all the vehicles that Tesla had sold at the time.
The agency pushed the company to do the recall after a two-year investigation into Autopilot's driver monitoring system, which measures torque on the steering wheel from a driver's hands. In the probe, the agency was looking at multiple cases in which Teslas on Autopilot ran into emergency vehicles parked on freeways.
The recall fix involves an online software update to increase warnings to drivers. But the agency said in documents that it has found evidence of crashes after the fix, and that Tesla tried to address problems with additional software updates after the recall fix was sent out. The updates may not have worked.
"This investigation will consider why these updates were not part of the recall or otherwise determined to remedy a defect that poses an unreasonable safety risk," the agency wrote.
https://abc7news.com/us-probes-whether-tesla-autopilot-recall-did-enough-to-make-sure-drivers-pay-attention/14745823/
The NHTSA said in its report that Tesla's Autopilot and FSD was not designed to keep the driver engaged with the actual task of driving. In many cases they examined, the drivers of the Tesla vehicles in the recorded crashes leaned too heavily on the technology and lost focus on driving to the extent where critical evasive action was not able to be done in time to avoid a crash.
When reviewing the crash logs provided by Tesla, the agency found that the Tesla drivers involved failed to brake or steer out of the way of hazards, even though they had enough time to do so. In 59 of the crashes looked at by the agency, drivers had "five or more seconds" — enough time to react before hitting an oncoming object. However in 19 of the crashes, drivers had "10 or more seconds" to react to oncoming hazards in front of them.
“Crashes with no or late evasive action attempted by the driver were found across all Tesla hardware versions and crash circumstances,” NHTSA said.
https://www.thestreet.com/automotive/feds-are-skeptical-about-the-safety-of-popular-driver-assist-tech-
Way behind Tesla.......
In total, NHTSA investigated 956 crashes, starting in January 2018 and extending all the way until August 2023. Of those crashes, some of which involved other vehicles striking the Tesla vehicle, 29 people died. There were also 211 crashes in which “the frontal plane of the Tesla struck a vehicle or obstacle in its path.” These crashes, which were often the most severe, resulted in 14 deaths and 49 injuries
https://www.theverge.com/2024/4/26/24141361/tesla-autopilot-fsd-nhtsa-investigation-report-crash-death
BBC News - US investigates Ford BlueCruise after crashes - BBC News
https://www.bbc.co.uk/news/articles/crgy3g7g9y1o
Craig _J if it’s research you are seeking… Anything written by mr Colin Barnden should be carefully considered, he’s highly knowledgeable and very well respected in the industry. The company website/ rns released information is also helpful. The see telegram site has numerous pinned messages at the top of the page with a plethora of interviews and updates… happy reading.
Numpty pi
Distracted driving at 55 mph for five seconds is the same as driving with your eyes closed the length of a football field. Let that sink in.
In honor of #DistractedDrivingAwarenessMonth, we took to our blog to discuss the importance of safer driving.
In today’s modern vehicles, driver safety is enhanced with Advanced Driver Assistance Systems (#ADAS) — including blind spot detection (BSD), automatic emergency braking (AEB), lane departure warnings (LDW), and more. These systems use a variety of built-in sensors to detect and respond to the surrounding environment.
To reduce the number of accidents, injuries and fatalities, regulators and vehicle original equipment manufacturers (OEMs) aim to bring uncrashable cars to market. To get there, the industry must address several technological and commercial challenges.
🚗📰 Read our latest blog to learn more: https://bit.ly/indieDDAM
First time posting on this forum, but I monitor it regularly. I lost faith in this company this morning, I dreaded not taking my money out sooner. I'd lost a decent amount of money... freetrade app had glitched and told me the share had dropped to 0.0004p. I came to this forum straight away for reassurance and to check the SP, phew. With all that dread and regret of not selling, I'm still holding my shares. Any way, good luck to everyone.
As for buying shares, the CEO has bought over 1.1m since the comments from Martin and his holding is now 9.6m
He must be one of our largest PI holders