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BlackBerry Continues Autonomous Vehicle Push With Xpeng Deal

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BlackBerry Continues Autonomous Vehicle Push With Xpeng Deal

BlackBerry Ltd (NYSE: BB) has shifted from a mobile phone company to a software and services company, and it's improved its gross margins.

The company continues to sign new deals for its automotive operating system, which is used in over 175 million cars today.

BlackBerry's Autonomous Partnerships: BlackBerry teamed with Desay SV Automotive to power the Xpeng7 from newly public Chinese electric vehicle manufacturer Xpeng Inc - ADR (NYSE: XPEV).

The Xpeng7 is a level three autonomous vehicle powered by the IPU-03 autonomous driving domain controller from BlackBerry.

Blackberry shares are down 20% in 2020 and down 90% over the last 10 years. The company needs investors to take note of its business shift paying off, which high-profile electric vehicle deals may accomplish.

The Xpeng7 four-door sports sedan has a range of 439 miles, making it the longest-range single-charge electric vehicle in China.

BlackBerry recently signed a deal with Canoo, an electric vehicle company that will also go public via SPAC Hennessy Capital Acquisition (NYSE: HCAC). That deal includes an operating system with radar sensors, parking sensors and cameras.

More About Xpeng: Xpeng Motors is one of the largest electric vehicle companies in China and a competitor to Tesla (NASDAQ: TSLA).

The company’s G3 SUV was among the top three best-selling electric SUVs in China in 2019.

Over 50% of Xpeng's customers are choosing autonomous driving systems for vehicles when given the choice, according to the company. 

BB, XPEV Price Action: Xpeng Motors began trading Thursday after upsizing an offering to sell 99.7 million shares at $15 each for proceeds of $1.5 billion. 

The stock was trading 51% higher at $22.65 at last check. 

BlackBerry shares were down 1.38% at $5.01 at the time of publication. 

Photo courtesy of BlackBerry.

 

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