BlackBerry rocketed as much as 61% higher on Tuesday after inking a multi-year deal with Amazon to develop and market BlackBerry's "Intelligent Vehicle Data Platform", - Business insider reprots.
The platform, named IVY, includes cloud-connected software that allows automakers to read vehicle sensor data and "create actionable insights from that data" to improve vehicle performance, according to a press release. Improvements can include services that enhance driver and passenger experiences, the companies added.
The stock's rally is the largest single-day gain for BlackBerry shares on record and brings prices to their highest level since April 2019.
Amazon gained as much as 1.3% on the news.
IVY will build on BlackBerry's QNX, a software bundle it currently uses in cars. Integration with Amazon Web Services allows data management and configuration across different vehicles to take place in the cloud, according to the release. For example, IVY could collect data from a driver encountering dangerous conditions and provide automakers with information on how certain safety features were used.
Drivers of electric vehicles could reserve charging stations during a trip and adjust charging time to best fit the driver's travel plans, the companies added.
Amazon Web Services already counts Volkswagen and Toyota as major customers for its cloud-computing technology. BlackBerry's automotive software is used in 175 million cars.
BlackBerry traded at $9.24 per share as of 12:25 p.m. ET Tuesday, up roughly 44% year-to-date.
