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| Intel launches Mobileye Autonomous Driving for an IPO |
Intel announced its acquisition of Mobileye, the autonomous driving technology company, for $15.3 billion in 2022, which was acquired for $15.3 billion in 2017.
The chip maker said it hopes to add more value to Intel shareholders by listing Mobileye shares on the stock exchange. Intel remains the largest shareholder in Mobileye.
Intel said in a statement that the acquisition was a huge success, noting that Mobileye's revenue was 40% higher in 2021 than the previous year.
Intel CEO Pat Gelsinger said this IPO is the best opportunity to advance Mobileye's track record of innovation and shareholder value.
In the past few months, many electric and autonomous vehicle manufacturers have announced this news to the public with varying degrees of success.
Despite the growing interest, the industry is struggling with excessive expectations, missed deadlines, business failures and a number of technical challenges.
However, several companies said that after years of testing and research, they are on the cusp of getting into business.
Mobileye was founded in 1999. It develops systems and chips to support autonomous navigation vehicles and to provide collision warnings.
Tesla initially used the Mobileye chip for its autonomous drive system. But after a fatal accident, the relationship with her was severed.
Tesla claimed at the time that Mobileye's technology could not distinguish between a truck driving next to it and the sky behind it.
The EyeQ4 chip is currently used in the NIO ES6 and NIO ES8, as well as Nissan's ProPilot 2.0. It is also used as a travel assistant for Volkswagen Passat and Golf trucks, Ford Mustang Mach-E and F-150.
Intel retains majority stake in Mobileye
Mobileye is currently developing four different products that offer different levels of automation. These include ADAS, an advanced driver assistance system that is currently provided to 25 companies. Joint introduction of ADAS premium with Zeekr, an electric vehicle brand of the Chinese Geely Group.
None of the ADAS systems will contain LIDAR. This is a sensor that uses a laser to locate objects in real time on the road.
The other two Mobileye products use lidar and more advanced automation technology.
Mobileye also wants to run its own robot taxi. The company recently announced that it will introduce a self-driving car-sharing service in Germany in 2022.
He also said he is testing his cars in New York City, which is known for its densely populated cities and the difficulty of testing self-driving cars there. However, the company is still negotiating with local regulators for a license.