It’s Not Enough to Have a Phone. Qualcomm Is Getting Into The Vehicle Industry With Its Chips

It’s Not Enough to Have a Phone. Qualcomm Is Getting Into The Vehicle Industry With Its Chips

Qualcomm To Supply Computing Chip To Renault
Chip manufacturer Qualcomm revealed earlier today that it would be supplying a crucial computing chip in a new Renault SA electric vehicle. The company announced this earlier today, adding that the computing chip is for the digital dashboard in the electric vehicle.

Qualcomm is known as one of the leading chips manufacturers for mobile phones, but the company is now expanding into the vehicle sector and is set to supply another set of automobile chips.

Qualcomm has made a name for itself as the biggest smartphone chip manufacturer in the world. However, the company has been expanding into manufacturing chips for electric vehicles and has landed another client.

The chip manufacturer stated that Renault’s Mégane E-TECH Electric would use Qualcomm’s chips. The chips will power the electric vehicle’s infotainment system using software designed by Google.

This latest development means that Qualcomm has landed another client in the electric vehicle sector. Qualcomm announced a deal with General Motors earlier this year. The deal would see General Motors use Qualcomm’s chips on its vehicles.

The Mégane E-TECH Electric is expected to go on sale by next year. However, it will be unveiled at September’s IAA Mobility 2021 automotive trade show in Munich.

Qualcomm And Others Need To Be Innovative
Qualcomm’s move into the automobile sector is important considering the fact that it is set to lose a chunk of its business in the mobile phone industry. Apple is already developing chips for its mobile devices, and Google is also working on developing chips for its mobile phones.

With phone manufacturers already developing their own chips for their mobile devices, chip manufacturers such as Qualcomm, Nvidia, and Intel will have to be innovative and explore new markets.

QCOM stock chart. Source: FXEMPIRE
The shares of Qualcomm are down by 0.32% over the past 24 hours. QCOM is trading at $144.65 per share at the moment. Year-to-date, QCOM has underperformed. QCOM started 2021 trading at $150 per share, but it is now trading at $144.  

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