Fast Money

Monday - Friday, 5:00 - 6:00 PM ET

NXP CEO: Been fortunate to drive growth
NXP CEO: Been fortunate to drive growth

Although its mobile-payments technology accounts for its largest revenue source, NXP Semiconductors also develops software that could make self-driving cars possible, CEO Rick Clemmer said Thursday.

"We have the first design win in the industry in vehicle-to-vehicle communications with Delphi, back about a quarter ago, where they'll put in place a communications in a high-end U.S. automotive manufacturer for safety reasons, so that it can actually warn you three or four car lengths in front if someone puts on the brakes," he said.

NXP reported quarterly earnings of $1.35 per share, beating Wall Street estimates of $1.31 per share.

Read More

Google's Lexus RX 450H Self Driving Car
Getty Images

On CNBC's "Fast Money," Clemmer said that NXP's technology works alongside that of other auto-related companies.

"We think it's very complimentary to Mobileye, and we think it's clearly an opportunity to see significant reduction associated with accidents (and) save lives," he said.

NXP's near-field technology is believed to be employed by such smartphones as the Apple iPhone 6, although Clemmer would not confirm that. NXP is also believed to have beat out Qualcomm on its recent auto-centered technology.

"We beat a significant competitor. And we won for one significant reason—because of the security," he said. "It's really a security business. When we ship encryption technology, we ship it in the form of a semiconductor, but it's really encryption software that we're shipping. And the reason we won that design win was because we offered the security that Delphi and this automotive company was looking for that our competitor didn't offer."

NXP stock closed up 0.08 percent at $64.18 per share.