Summary by Moomoo AI
SaverOne 2014 Ltd., a technology company specializing in transportation safety solutions, has announced a new original equipment manufacturer (OEM) agreement with Volvo Bus Corporation to install its 'Driver Distraction Prevention System' (DDPS) in Volvo buses for the Mexican market. The agreement, which grants Volvo two years of exclusivity in the OEM market in Mexico, will see the DDPS installed in new Volvo buses and allows for retrofitting approximately 3,000 existing buses under Volvo's maintenance agreement. The system aims to reduce cellphone-related distractions and accidents. SaverOne will also provide a year of service and support, followed by an ongoing monthly service package. The announcement was made at the 2024 Automotive Expo event in Mexico, where SaverOne and Volvo jointly marketed the system. The agreement is seen as a significant step for SaverOne's international market penetration, particularly in Latin America, and aligns with their mission to enhance road safety.