Seeing Machines Continues Growth Across Automotive and Aftermarket Sectors

2 min read | October 10, 2024 04:07 AM EDT | By Team Kalkine Media

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Seeing Machines Continues Growth Across Automotive and Aftermarket Sectors — Image source: Shutterstock

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Highlights

Seeing Machines Ltd secures over US$390 million in automotive programmes.

The company’s Driver Monitoring Systems (DMS) installed in more than 2.2 million cars.

Expansion efforts continue in both the automotive and aftermarket sectors.

Seeing Machines Ltd (ASX:SEK) is making significant strides in its automotive and aftermarket businesses. The company has secured more than US$390 million in awarded Original Equipment Manufacturer (OEM) programmes, with revenue expected to be realised by 2028. Over 2.2 million vehicles are now equipped with Seeing Machines’ Driver Monitoring Systems (DMS), as the company works to increase production and secure additional contracts.

The automotive industry has faced some challenges, including delays in OEM Request for Quotes (RFQs) due to the revised Euro NCAP 2026 safety regulations and a slowdown in electric vehicle (EV) production. Despite these hurdles, Seeing Machines remains focused on growth and continues to push for new business opportunities.

One notable achievement is the company’s partnership with Magna, where Seeing Machines’ mirror solution is already in production. This solution stands as the only offering of its kind in the market, giving the company a competitive edge. Additionally, Seeing Machines is actively pursuing opportunities in Japan, positioning itself for future collaborations with potential clients in the region.

On the aftermarket side, the company is also progressing well. Its Guardian Generation 3 system has been approved for use in Europe, and preparations are underway for a US launch. This expansion aligns with the company’s mission to enhance road safety through innovative technology.

Looking ahead, Seeing Machines is set to release its financial results for FY 2024 in October, and the market will be watching for further updates on its progress. With strong foundations in both the automotive and aftermarket sectors, the company continues to drive forward with its goals.

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