Qualcomm boosting auto chip holdings with Autotalks acquisition
Qualcomm Inc. (QCOM) said Monday it agreed to buy Israel-based auto chip maker Autotalks to strengthen its portfolio of Snapdragon chips for automakers. While Qualcomm did not provide an amount, the company is reportedly paying $350 million to $400 million for the company, according to TechCrunch, citing unnamed sources. Autotalks specializes in "vehicle-to-everything," or V2X, communication technologies that are intended to reduce collisions and improve mobility, Qualcomm said. Recently, Qualcomm reported that second-quarter auto chip sales rose 20% to $447 million from a year ago. Autotalks has already received $100 million in funding from such investors as Foxconn and Nuvoton Technology Corp. , according to Crunchbase.
-Wallace Witkowski
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May 08, 2023 11:42 ET (15:42 GMT)
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