It seems that US electric vehicle start-up Fisker is set to use Seeing Machines combined driver and occupant monitoring system in its innovative Ocean electric SUV, with Magna as the Tier 1.
The vehicles goes into production in 2022 but Seeing Machines should get near term Non-Recurring Engineering revenues according to house broker Cenkos, which reiterates its 16p price target.
The deal is officially worth A$7m but, as we know from experience, these contracts have a habit of growing as additional models are launched. Hence, A$7m is very much an ‘initial’ and conservative estimate of its real worth.
It’s good news for Seeing Machines as the vehicle is set to be very popular and already has over 14,000 pre-orders. More importantly for Seeing Machines it further demonstrates its global leadership in the DMS and OMS space as it bags its 7th Tier 1 auto supplier.
Nick DiFiore, SVP and GM Automotive commented: “We are delighted to expand our customer base with such a globally capable Tier 1 supplying a highly innovative OEM. I expect this to be the first of many collaboration opportunities as we together target new business across the fast expanding interior monitoring market.
“Having articulated our detailed embedded product strategy late last year and launched our OMS roadmap soon after that, receiving this order affirms both our strategic and technology direction, and our continued leadership position in the DMS market.”
However, investors are really awaiting official announcement of wins with the likes of Toyota and Honda before popping open their magnums of Piper-Heidsieck Cuvée Brut magnum.
The writer holds stock in Seeing Machines.