Sirius is expanding beyond car radio to include automated safety and security, reports Reuters. CEO Jim Meyer, who was appointed on Tuesday, said the company signed a deal with Nissan Motor Corp. last fall and is looking for more agreements.
Going forward, Sirius will offer entertainment and "infotainment" (weather and gas prices) to drivers in addition to telematics, another word for car safety features such as stolen vehicle tracking and roadside assistance, says Reuters. As Sirius faces stiff competition from streaming Internet services such as Pandora, the move looks to be a smart one, and stockholders are taking notice. Reuters says the stock rose 4.2 percent to $3.19 after the announcement.
Consumers won't see the technology soon, as Sirius said it will take months to develop. That said, the new features will carry monthly fees and come bundled with the satellite radio service.