Qualcomm Inc. (Nasdaq: QCOM) gained 2 1/2 to 64 15/16 Monday after the wireless communications company and Ford Motor Co. (NYSE: F) announced a plan to collaborate on developing wireless Internet services for cars and trucks.
The new company, known as Wingcast, will begin by equipping Ford vehicles with the new services. More than one million new Fords will be outfitted with the equipment by the end of 2002, with virtually the whole fleet participating by the end of 2004, the companies said.
“The wireless and telematics industries are at a pivotal point as we approach a new era of the wireless Internet,” said Qualcomm Chairman and Chief Executive Officer Irwin M. Jacobs. “Beginning next year, evolved and new CDMA cellular networks will enable high-speed, widely available, low-cost access to the information superhighway.”