CDG, a $IB annual revenue corporation, will leverage its expertise to lead the marketing and sales efforts of the intelligent traffic systems in mainland China
Ness Ziona, Israel, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) ("Foresight" or the "Company"), an innovator in automotive vision systems, announced today the signing of a multi-phase strategic cooperation agreement with China Design Group Co. Ltd. ("CDG") (Shenzhen: 603018), a $1 billion annual revenue Chinese technology company offering smart transportation solutions using IoT, 5G, and AI for urban planning and intelligent systems. CDG will leverage its expertise to lead the marketing and sales efforts of the intelligent traffic systems in mainland China, while Foresight will drive these initiatives in key international territories, focusing on Japan, South Korea, Europe, and the United States.
The parties seek to develop and commercialize advanced smart transportation and smart city solutions. Foresight believes this cooperation will leverage its 3D perception technology, along with IoT, cloud computing, and edge computing platforms. The scope includes planning, design, research and development integration, and implementation of innovative systems for traffic management, public transportation, and urban mobility. The collaboration aims to create comprehensive advanced technology solutions for accurate traffic sensing, efficient travel services, and intelligent traffic management that will be jointly marketed to third-party customers, driving innovation in urban mobility and sustainability.