cenkos upgrade27 Jan 2021 08:08
Last night, Qualcomm delivered a keynote speech at its Automotive Redefined event where it iterated its partnership with Seeing Machines for DMS on its ‘Snapdragon Ride' platform. In the same keynote speech Qualcomm noted that it has won 20 different OEMs (through many different tier 1 suppliers and partners, including Seeing Machines) which are going into production in 2021 with its Gen 3 Snapdragon Ride platform. We do not see this as meaning that these OEMs will automatically adopt Seeing Machines DMS in 2021 for these platforms (other PR materials imply the optimised DMS solution is not yet ready), but the implication from the Qualcomm slide (on the page 3) is that a number will. We also believe it is unlikely that these OEMs will chose an alternative DMS solution for these vehicles when they want or require it. With regulatory compliance needed for NCAP and EC by 2024, it is our view that most of these OEMs will eventually source Seeing Machines DMS for at least their EU sales using the scalable Gen 3 Snapdragon Ride platform. In a separate press release Seeing Machines and Qualcomm have also announced a deepening collaboration with Seeing Machines further optimising its technology stack for the Snapdragon Automotive ****pit Platform architecture as the two companies market the combined framework to automotive Tier-1s and OEMs. In addition, Seeing Machines's previously announced Embedded Development Kit (EDK) for Qualcomm's Snapdragon Automotive ****pit Development is now available to select Tier 1 and OEM customers. We increase our target price to 12.9p from 8.6p based on increased confidence in our long-term automotive market share expectations.
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