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Seeing Machines eyes opportunities as European Council tightens driver safety regulations

The European Council will now require all vehicles to be equipped with advanced driver distraction systems

Seeing Machines Limited -
Seeing Machines designs driver monitoring systems to improve safety on the roads

Seeing Machines Limited (LON:SEE) has said it is "well-placed" after the European Council moved to tighten regulations on vehicle safety to require advanced warning systems for drivers.

On Friday, the European Council announced a raft of new safety measures for road users, including new requirements that all motor vehicles be equipped with intelligent speed assistance, driver drowsiness and distraction warning systems, emergency stop signals, reversing detection systems, and accurate tyre pressure monitoring.

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The AIM-listed company, which designs AI (artificial intelligence) systems to monitor driver distraction, hailed the decision by the European Parliament as leading the way for Europe to “truly drive safely”, adding that the innovations will “no doubt be implemented globally in time”.

The regulation is part of the ‘Europe on the Move’ package launched by the European Commission in May 2018, which aims to ensure a smooth transition towards a mobility system which is safe, clean and automated.

The package has already introduced a required cut in carbon dioxide emissions from new trucks, by 15% from 2025 and by 30% from 2030.

In a statement, chief executive Paul McGlone said: "Seeing Machines is extremely well placed to support these ongoing regulations, especially as they will apply, from 2022, to all cars, vans, trucks and buses.

"Guardian, our commercial vehicle technology, is already installed in more than 16,000 heavy vehicles, and Seeing Machines has ongoing engagements to deploy driver monitoring technology across nine automotive programs globally, placing us in the perfect position to continue to assist our customers to meet these requirements which will enhance safety on roads."

Seeing Machines shares were up 2% to 4.7p in Monday morning trading. 

Quick facts: Seeing Machines Ltd.

Price: 4.95 GBX

AIM:SEE
Market: AIM
Market Cap: £166.58 m
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