What Caused The WEJO Stock To Rise 12% In Extended Trades On Monday?

Following the latest distribution of company highlights, Wejo Group Limited (NASD: WEJO) has increased 12.09% at $0.75 in after-hours trading hours on the previous check Monday.

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What has been shared by WEJO?

Wejo Group (WEJO), in addition to disclosing its quarterly results for the quarter ending September 2022, provided the following business highlights:

Following the end of the quarter, WEJOWejo Group received additional contracts from state Departments of Transportation (DOT), including Texas, Georgia, and Virginia. The deal with the state of Texas will also feature Real-Time Traffic Intelligence (RTTI), which will deliver a current, accurate, and comprehensive picture of traffic and road conditions at any given time, helping to enhance overall effectiveness and safety on road networks.

In order to provide End-to-End Insurance Products in the US, WEJO additionally strengthened its partnership with Ford. Data and insights will be provided to assist insurers in better understanding driver behavior so they can analyze their risk profile, prevent fraud, and lower hazards for safer travel. A prototype autonomous car, the DLIVEREE, and live, real-time linked vehicle data were also unveiled by WEJO.

Outside of Las Vegas, WEJO had its inaugural Analyst Day, called “Data in the Desert.” Attendees from the financial community and the media had a better grasp of the company’s strategic ambitions thanks to this event. The emphasis was on catalysts that, by utilizing vehicular communication data and turning it into usable insights, promote the long-term growth and generate substantial income prospects for WEJO.

To work toward the combined development and advancement of the adoption of intelligent sustainable mobility into the multi-billion dollar addressable market in Japan and southern Asia, WEJO and Sompo Light Vortex entered a co-development agreement during the reporting quarter.

How is WEJO still developing?

Wejo Group’s (WEJO) business momentum is increasing, as shown by its outstanding operational performance in the third quarter, and the management believes WEJO is at a turning point that will propel the firm to the next level. Following the quarter, the company’s momentum was confirmed with the granting of many DOT contracts, which are only the beginning as WEJO concentrates on offering other services that will help those clients. WEJO also expects to create a web effect that will attract new clients in the public sector who are just starting to understand the value of its solutions and how it may revolutionize their business processes and Smart Mobility.

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