Qualcomm unveils deals with Mercedes, BMW, AWS partnership
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Qualcomm (NASDAQ:QCOM) made several announcements on Tuesday, including a deal with German automakers Mercedes and BMW to provide chips for in-car infotainment systems and a new partnership with Amazon's (AMZN) cloud computing unit.
In a statement, Qualcomm (QCOM) said it will BMW chips that help power voice commands inside the car. It also said it would power the 2024 version of the Mercedes-Benz (OTCPK:MBGAF) (OTCPK:MBGYY) E-Class Sedan with its Snapdragon Digital Chassis, helping power in-car experiences such as multi-media, artificial intelligence-enabled safety features and 5G connectivity.
Though Qualcomm (QCOM) still generates a significant portion of its revenue from smartphones, the San Diego-based chipmaker is working to grow its automotive business. In its most recent quarter, it generated $434M in automotive-related revenue, up 13% year-over-year, the 11th straight quarter of double-digit percentage growth.
It also won more than 10 new designs from leading automakers and has an automotive pipeline of more than $30B.
In addition to the two automotive related announcements, Qualcomm (QCOM) said it had teamed up with Amazon Web Services for software-defined mobility.
In a separate statement, the Cristiano Amon-led company said it would work with AWS to "further technologies aimed at streamlining the vehicle software development process" and expand its presence in artificial intelligence.
Qualcomm (QCOM) shares were up fractionally in early Monday trading.

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