Auto tech firm Veoneer teams up with Qualcomm on driver software

Veoneer will cooperate with Qualcomm Technologies on developing software for its driver assistance systems, the auto technology firm said on Thursday, sending its shares sharply higher.

The Swedish maker of vision systems, radar and software for advanced driver-assistance systems said it had signed a non-binding letter of intent with the U.S. firm and expected to finalise a definitive agreement in the second half of this year.Shares in Veoneer listed in Stockholm were up 16.1per cent at 111.70 crowns at 1247 GMT. Its U.S.-listed shares, set for the best session in over five months, were down nearly 30per cent this year as of Wednesday's close.

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