BlackBerry shares are trading at a 52-week high range after the Canadian tech giant announced a deal with Amazon to introduce a cloud platform for automakers.
Once famous for its keyboard interface mobile phones, BlackBerry Ltd. (BB) is making a move to introduce a new cloud-based platform to support automakers to standardize vehicle data and enhance the deployment of new commercial features. The company has collaborated with the e-commerce potentate Amazon to develop this cloud software.
The news just made it to the market and BlackBerry stock is on a roll. The investors are seeing this deal as a positive as the trading volume continues to surge today. The trading volume is up by 122 million compared to the average volume of 4.4 million.
The stock kicked off the day at $8.36 up from the previous close of $5.87. BB is trading at a new 52-week high range of $9.25. As we write this at 11:09 A.M EST, BB was trading at $9.22 soaring with a bullish momentum of 56.98%.
BlackBerry has turned its core focus towards providing business security and information integration services. This has attracted Amazon’s web services business to work together with BlackBerry to create a new cloud-based platform for automakers.
The new intelligent vehicle data platform called IVY will contract the time to create, deploy, and monetize in-vehicle applications. This cloud service will be available for different brands and models. It will be helpful for the automakers to connect with developers across broader network that will support the swift development of apps and services.
The car manufacturers are more focused on their self-made technology as the competition is increasing worldwide. This is due to data sharing with outside technology providers.
However, the new IVY platform is designed to support and run at the same time with new digital vehicle architectures by General Motors, Volkswagen, and others.
IVY is built on BlackBerry’s QNX that is a vehicle operating system used in more than 175 million cars globally.
The head of BlackBerry Technology Solutions, John Wall stated that there is no standardized system that allows automakers to have access to data. This makes it hard for them to get information for the in-vehicle applications or monetize the data.
BlackBerry and AWS have one objective and that is to set up IVY as a standard platform across the auto industry. Just like; Google and Apple have done for the mobile phone industry with their Android and iOS systems.
AWS anticipates that the BlackBerry-AWS IVY will be installed on the vehicles in 2023. However, both companies have not mentioned which enterprises will be the first to install IVY.