Seeing Machines welcomes the strongest US automotive safety bill in decades
(AIM:SEE ) has welcomed the passing in the United States’ House of Representatives of the 'Moving Forward Act', the strongest automotive safety bill in decades.
The bill, which is now awaiting further approval in the Senate, is focused on advancing safety technologies and standards proven to reduce the number of automobile collisions as well as to save lives.
This will include increasing demand for Seeing Machine’s own driving monitoring systems (“DMS”) which uses facial recognition software to monitor eye movements while driving.
Specifically, the bill is asking for DMS in all cars and trucks sold in the US from 2024, lining up closely with the European General Safety Regulation, passed into law in November 2019.
In addition, the 'Moving Forward Act', will also require new vehicles to have automatic braking, lane-keeping, blind-spot detection and event data recorders.
Shares in Seeing Machines have improved over 20% over the past three months to open at 3.35p following today's announcement.
The company said regulatory driven demand for DMS around the world continues and momentum in the US points to policy adoption targeting the same timeframe as Europe.
It also acknowledged that Euro NCAP has announced a delay to the 2022 and 2024 rating due to the COVID-19 pandemic, giving automakers and Tier 1 suppliers more time to incorporate necessary changes.
The company said that despite delays, it does not expect any material impact to its near-term forecast for automotive revenue.
“The impacts of this delay are minimal to Seeing Machines and with US legislation heading towards mirroring those in Europe, the potential for DMS remains compelling.” said Paul McGlone, CEO of Seeing Machines.
He added, “We are also very pleased to see that the demand for advanced safety technology is increasing across all transport sectors as regulators, governments and policymakers around the world continue to focus on ways to reduce global road fatalities and injuries.
Seeing Machines is already engaged and very well placed to support this momentum across Automotive, Fleet/Offroad and Aviation."
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