Blackberry Gains As Volvo Signs Up To Use Its OS In Heavy Vehicles

BlackBerry (NYSE:BB) shares rose more than 5% Wednesday following the company’s disclosure that Volvo (OTC:VLVLY) will use its QNX operating system as the foundational software in the over 300,000 heavy vehicles the Swedish company makes every year.

Qualcomm (NASDAQ:QCOM) said Volvo wanted to find a single supplier for the OS and hypervisor to meet the needs of the “whole truck.”

The engagement gives developers the freedom to design the best possible system for Volvo as it looks at the requirements of the next 15 years, including the future support of autonomous driving and electrification, BlackBerry said in a press release.

On March 31, Raymond James analyst Steven Li maintained a hold rating on BlackBerry, setting a price target of $9.50, about where the shares currently trade.