Qualcomm Shares Drop 6.88% Despite Highlighting Automotive Innovations at Wuhan Forum

Qualcomm (QCOM) shares fell 6.88%.

On September 3, 2024, the China (Wuhan) High-end Equipment Industry International Cooperation Forum was held in Wuhan. The forum focused on the global advancement of high-quality development in the advanced equipment manufacturing industry, exploring new impulses for innovative industrial growth. Reddy Sang, Vice President of Product Marketing at Qualcomm, attended and delivered a keynote titled "Collaborating with Ecosystem Partners to Drive Intelligent Connectivity Transformation in the Automotive Industry."

Reddy Sang highlighted that the automotive industry has recently been experiencing unprecedented growth trends, accelerating the development and realization of advanced automotive technologies. Through comprehensive system-level automotive solutions, Qualcomm has been collaborating closely with ecosystem partners to foster intelligent connectivity transformation in the automotive sector, thus speeding up the industry's digital transformation.

In his speech, Reddy Sang stressed the importance of Qualcomm’s long-term commitment to the automotive sector. Qualcomm began by providing 2G connectivity to automobiles more than 20 years ago. In 2014, it launched its first smart cockpit product, and in 2020, the Snapdragon Ride intelligent driving platform was unveiled. Qualcomm's significant advancements in automotive Bluetooth, Wi-Fi, precise positioning, and security over the past two decades have resulted in a multitude of groundbreaking technologies and solutions.

Qualcomm's Snapdragon Digital Chassis integrates various product and technology portfolios, encompassing connectivity, cockpit, intelligent driving, and car-to-cloud arenas. Over 350 million cars globally are equipped with Qualcomm’s automotive technology, with total automotive business orders valued at more than $45 billion. Since 2021, the Snapdragon Digital Chassis has supported over 50 Chinese automotive brands, launching more than 160 models.

In recent years, Qualcomm has continued to expand its product lines, including smart driving solutions. These solutions are crucial for providing support to top-tier and premium vehicles, helping accelerate the commercialization of high-level NOA (Navigation on Autopilot) features. With the introduction of the Snapdragon Ride platform, an integrated and scalable one-stop solution, Qualcomm aims to meet the growing data-driven demands of future smart driving technology.

Qualcomm’s innovative products, such as the Snapdragon Ride Flex SoC, which supports digital cockpit, ADAS (Advanced Driver Assistance Systems), and AD functions, have become essential for many automotive manufacturers. By offering highly efficient, flexible, and cost-effective solutions, Qualcomm is enabling automotive manufacturers and Tier 1 suppliers to transform their products towards open, expandable, and integrated architectures.

Further, Qualcomm's advantages extend to the domain of in-car connectivity. By leveraging a comprehensive product lineup that includes 4G, 5G platforms, Wi-Fi, Bluetooth, C-V2X (Cellular Vehicle-to-Everything), and satellite communication solutions, Qualcomm remains a leading supplier in the smart transportation industry. Over the past 20 years, Qualcomm has closely collaborated with Chinese ecosystem enterprises to promote technological advancements, therefore, supporting the innovation functions in smart vehicles.

Looking forward, Qualcomm's chip products will continue to empower smart cars, accelerating the digital transformation of the automotive industry jointly with partners, and bringing advanced technological solutions to the medical field.