Palantir (NYSE:PLTR) stock is soaring higher on Thursday after announcing a long-term deal with automotive tech company Faurecia.
Here’s everything investors need to know about the deal sending shares of PLTR stock up today.
- Palantir has signed a strategic partnership agreement that will have it working with Faurecia for six years.
- This will have it providing the automotive tech company with its Palantir Foundry service.
- The goal here is for Faurecia to improve its business with the help of data from Palantir Foundry.
- That includes reducing raw material consumption, improving R&D competitiveness, and measuring CO2 neutrality efforts.
- Palantir notes that this agreement marks its first with a France-based automotive supplier.
- Financial details of the partnership between the two companies were not revealed in today’s news release.
Palantir COO Shyam Sankar said this about the news boosting PLTR stock up today.
“The range of uses for Foundry across Faurecia shows the breadth of practical applications for our software in the manufacturing and automotive sectors. We are proud to partner with Faurecia in its mission to improve the efficiency of its products as well as its environmental footprint.”
Investors that want to catch up on other recent PLTR stock news are in luck. InvestorPlace has plenty of coverage for Palantir below.
- PLTR Stock: A Bullish Take On a Company with Bearish Sentiment
- Why Palantir’s Drop Depends on the Nasdaq Bearish Sentiment
- Why Investors Should Consider a Long-Term Position in Palantir
- PLTR Stock: Massive Fund Manager Buy Gives Palantir Shares a Pop
- Palantir: The Sell-Off Is Not Over
PLTR stock was up 6.6% as of Thursday morning and is up 12.9% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.