Qualcomm Will Provide Chips For Displays And Voice Functionality To BMW And Mercedes

Qualcomm, a U.S. semiconductor company, has announced that it will be supplying chips to power in-car infotainment systems to Mercedes and BMW, two luxury automakers. While Qualcomm is the leading smartphone chip supplier, the smartphone market has seen a decline over the past year. However, the company has managed to grow its automotive revenue by 13% in the most recent quarter by collaborating with automakers to power various functions in vehicles, including infotainment systems and advanced driver assistance systems.

Qualcomm has stated that it will provide chips to BMW for voice command operation inside the car, and its chips will be utilized in the upcoming version of the Mercedes E class models, set to be available in the U.S. by 2024. The company anticipates that it will generate $4 billion in revenue from the automotive sector by 2026, which is projected to rise to $9 billion by the end of this decade.

According to Chief Executive Cristiano Amon, the “pipeline” in the automotive business for Qualcomm was worth $30 billion in late 2022, thanks to its Snapdragon Digital Chassis product. This product is used by car makers and their suppliers for assisted and autonomous driving technology, in-car infotainment, and cloud connectivity. Amon mentioned that the company is focused on finding new areas for growth, and automotive is one of those areas.

When asked about the upcoming IPO of Britain-based Arm Holdings Ltd, owned by SoftBank Group Corp, and its importance to the ecosystem, Amon said that Qualcomm was not necessarily participating in the IPO but believed that Arm played a crucial role in the industry. The company wants to see an independent Arm.

Qualcomm Long (Buy)
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