Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) ("Foresight" or the "Company"), an innovator in automotive vision systems, announced today the signing of an amendment to an existing agreement with SUNWAY-AI Technology (Changzhou) Co., Ltd. ("SUNWAY"), a Chinese manufacturer of autonomous and unmanned intelligent vehicle solutions. As per the amendment, the Company's ScaleCam, a cutting-edge stereoscopic vision system, will be incorporated into SUNWAY's innovative line of autonomous logistics and robotic vehicles.
This amendment to the joint development and supply agreement signed with SUNWAY, as announced by the Company on November 16, 2022, states that Foresight will initially equip SUNWAY'S unmanned warehouse and materials handling vehicles, autonomous coffee machine carts and wireless charging robotic vehicles with its advanced 3D perception systems to enable autonomous capabilities for both indoor and outdoor operations. This integration will enable SUNAWAY's unmanned logistics and robotic vehicles to navigate complex environments seamlessly, enhancing the efficiency and safety of logistical operations across a wide range of industries and applications. If SUNWAY approves Foresight's ScaleCam solution, customized to their specific requirements, Foresight is expected to supply the first batch of ScaleCam systems by the end of 2024.
The 2022 Agility Emerging Markets Logistics Index ranks China as the leading global logistics market, based on logistics opportunities and business fundamentals. This success is largely attributed to China's robust logistics infrastructure, including an extensive network of warehouses and storage facilities, coupled with advanced IT services. In addition, according to a 2023 study by Modor Intelligence, the China automotive logistics market size is estimated to be USD $52.58 billion in 2024, and is expected to reach USD $70.22 billion by 2029, growing at a CAGR of 5.96% during the forecast period (2024-2029).