BlackBerry reaches 65% after agreement with Amazon for automotive data software finalized

• BlackBerry jumped 65% on Tuesday after the company signed a multi-year agreement with Amazon to develop and market its “intelligent vehicle data platform”.
• Cloud software, called IVY, allows automakers to read data from vehicle sensors and improve systems and performance, according to a press release.
• The stock jump was its biggest one-day gain on record and put stocks at their highest level since April 2019.
• Watch the BlackBerry trading live here.

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BlackBerry climbed to 61% higher on Tuesday after signing a multi-year agreement with Amazon to develop and market BlackBerry’s “intelligent vehicle data platform”.

The platform, named IVY, includes cloud-connected software that allows automakers to read data from vehicle sensors and “create actionable insights from that data” to improve vehicle performance, according to a statement. Press. The improvements may include services that improve the experience for drivers and passengers, the companies added.

The stock rally is the biggest one-day gain for BlackBerry stocks on record and takes prices to their highest level since April 2019.

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Amazon gained up to 1.3% on the news.

IVY will build on BlackBerry’s QNX, a set of software it currently uses in cars. Integration with Amazon Web Services allows data management and configuration on different vehicles in the cloud, depending on the version. For example, IVY could collect data from a driver facing unsafe conditions and provide vehicle manufacturers with information on how certain safety functions have been used.

Drivers of electric vehicles could reserve charging stations during a trip and adjust the charging time to better suit the driver’s travel plans, the companies added.

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Amazon Web Services already counts Volkswagen and Toyota as major customers for its cloud computing technology. BlackBerry automotive software is used in 175 million cars.

BlackBerry was trading at $ 9.24 per share at 12:25 p.m. ET on Tuesday, up about 44% year-to-date.

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