A win for WejoThis new-on-the-scene SPAC gives investors a way to get involved in the connected vehicles trend, and its fresh-on-the-scene partnership with Ford has got prices revving.
- Wejo is a GM and Microsoft-backed “connected vehicle” brand. Sounds weird, but what it does is collect “mobility intelligence” from connected or autonomous vehicles, and then shares it with other companies to help them do anything from telling drivers when a service is needed to improving road maps or advising insurers on coverage prices.
- Investors are excited bc it’s just partnered with Ford to connect to its European cars. How Wejo collects that mobility intelligence is through partnering with manufacturers to connect to their vehicles and their data. Ford is obvs a super popular brand, therefore Wejo gets better/more data and hopefully more insight to license out for $$$.
- So you can see why Wejo shares jumped 18% on Tuesday. That being said, shares in the brand have had a rocky journey since debuting on the Nasdaq in November last year. After jumping 44% after its SPAC merger closed, the stock has steadily lost over 90% of its value, so investors are hoping there is more good news on the way.
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