Qualcomm made a $4.6 billion all-cash bid for automotive technology developer Veoneer, pitching the US chipmaker into a race with Canada-based advanced driving assistance systems (ADAS) developer Magna International, which is also seeking control of the Swedish company.

The San Diego company’s offer is 18 per cent higher than an offer Magna made last month which was accepted Veoneer’s board. Qualcomm’s board approved its bid, which does not require shareholder consent.

Veoneer makes ADAS hardware and software, a business Qualcomm is keen to develop. The chipmaker stated it had “a revenue-design win pipeline of approximately $10 billion” in the automotive industry.

In a letter to Veoneer’s board, Qualcomm CEO Cristiano Amon explained it wanted to combine the Swedish company’s computer vision and drive policy technology its Snapdragon Ride platform

Amon added Qualcomm does not foresee any regulatory hurdles, arguing Magna’s move could raise “potential” regulatory issues since “the parties have overlap in active safety”.

Technology for self-driving cars has been a consistent focus area for Qualcomm, which competes with Intel’s Mobileye in the space.

Earlier this year, Qualcomm detailed an overhaul of its connected car technology, planning to introduce the fourth-generation of its Snapdragon Automotive Cockpit Platform in 2022.