Shares of Veoneer Inc (NYSE: VNE) gained 30% on Thursday and Friday after the auto tech firm presented a partnership with U.S tech giant Qualcomm in advanced driver assistance systems.
Just a day after shares erupted 17.15%, Veoneer stock price soared to trade over $14 for the first time since February.
“We believe this collaboration has increased Veoneer’s chances of being one of the major players in this market,” Handelsbanken Capital Markets said in a research note.
Analysts believe that a Qualcomm deal is a major win for the Swedish company and a move that strengthens its position versus rivals such as Mobileye.
Veoneer was created after spun off from airbag maker Autoliv in 2018 and it still operates with losses although numerous banks have a “Buy” rating placed on the stock.
Veoneer share price trades 17% down YTD