San Diego mobile technology giant has been working to diversify its revenue beyond the maturing smartphone market.
Qualcomm has long sought to gain traction with automakers as an avenue toward diversifying its business beyond the maturing smartphone market.
Qualcomm estimates its revenue potential per vehicle ranges from $200 for lower priced models to up to $3,000 on premium cars that use its full ADAS technology stack. In the short term, Qualcomm forecasts automotive revenue of $1.3 billion for its fiscal year ending Sept. 25 — a 30 percent increase over the prior year.
But he added that Qualcomm’s auto business is “underappreciated” by investors despite its growing order book. Today, connectivity products drive Qualcomm’s sales in automotive. It has been supplying cellular modems to carmakers since 2002 with General Motors’ OnStar system. It also provides Wi-Fi and Bluetooth processors to vehicles.generation of modem for the car,” said Nakul Duggal, general manager and senior vice president of Qualcomm’s automotive business. “We have shipped over 400 million Wi-Fi and Bluetooth products into automotive.