FTC: Qualcomm Abandoning Auto Chip Deal a Win for Consumers

Qualcomm's ending its bid to buy Autotalks will help preserve competition and innovation, FTC Competition Bureau Director Henry Liu said Monday. Qualcomm reportedly reached a deal for the Israeli chip manufacturer, valued at an estimated $350 million. Abandoning it will benefit consumers in the market for vehicle-to-everything (V2X) “chipsets and related products used in automotive safety systems,” said Liu. “This is a win for car buyers seeking quality, affordable cars with V2X communication capabilities that promise to make driving easier and safer.” The European Commission announced in August plans to scrutinize the deal in response to requests from 15 member states. Qualcomm said in a statement Monday it exited the deal "due to lack of regulatory approvals in a timely manner. Automotive is a very important vertical for Qualcomm, and we remain fully committed to our product roadmap, our customers and our partners."