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Palantir’s Share Price Gains On Faurecia Partnership

Sam Boughedda trader
Updated 11 Mar 2021

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Shares of Palantir (NYSE: PLTR) are trading higher premarket after it was announced that the American software company has entered into a six-year strategic partnership with Faurecia, an automotive technology company.

Palantir’s share price is up 4.24% at $25.80 following the announcement.

Palantir will help the company to accelerate its digital transformation and ambition to be CO2 neutral.

Faurecia will use Palantir's Foundry software to gain further insight into its data across the company, from manufacturing to purchasing, from engineering to finances.

“Palantir Foundry will allow Faurecia to reduce raw material consumption, improve R&D competitiveness, secure purchasing excellence and track and measure overall CO2 neutrality efforts,” sated Palantir.

The partnership marks Palantir's first engagement with a French automotive supplier and expands its history of work in the automotive and manufacturing sectors.

“The range of uses for Foundry across Faurecia shows the breadth of practical applications for our software in the manufacturing and automotive sectors,” said Palantir COO Shyam Sankar.

“We are proud to partner with Faurecia in its mission to improve the efficiency of its products as well as its environmental footprint,” Sankar added.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.