by SignalFactory · December 7, 2021 | 14:28:12 UTC
Intel has today announced its intention to take its subsidiary Mobileye public in the United States in 2022.
Mobileye, a maker of advanced driver-assistance systems (ADAS) and self-driving solutions, initially went public in 2014 and was acquired – lock, stock, and barrel – by Intel in 2017.
Intel wants to retain control: This time, an initial public offering will create a separate publicly traded company. Intel will remain the majority shareholder and the two companies will continue their strategic partnership. Mobileye’s executive team will also remain in place with Prof. Amnon Shashua at the helm.
Mobileye is expecting to deliver over 40% more revenue in 2021, compared to 2020, and supplies more than 30 different automakers worldwide. It recently shipped its 100 millionth EyeQ® system-on-chip, unveiled its production robotaxi, and scaled its autonomous vehicle testing across multiple cities around the world covering the U.S., Europe, and Asia.
Chip giant Intel, the largest employer of Israel’s high-tech industry with nearly 14,000 workers, expects to retain Mobileye’s executive team and hold on to majority ownership in the unit after the initial public offering (IPO) of newly issued Mobileye stock.
Intel has no intention to divest or spin off its majority ownership in Mobileye, the company said in a statement, adding that it will continue to provide technical resources to the automaker.
The partnership continues to yield strong revenue along with free cash flow to Mobileye that allows funding of the autonomous vehicle development, Mobileye Chief Executive Officer Amnon Shashua said in a release.
Intel bought Mobileye for $15.3 billion in 2017, putting it into direct competition with rivals Nvidia and Qualcomm to develop driverless systems for global automakers.
Carmakers, including General Motors, Ford, and Toyota, are racing to shift from gasoline-powered lineups to all-electric power and have invested significantly in models with features such as driver-assist technology and self-driving system.
Mobileye, founded in 1999, has taken a different strategy from many of its self-driving car competitors, with a current camera-based system that helps cars with adaptive cruise control and lane change assistance.
The company plans to eventually build its own “lidar” sensor to help its cars map out a three-dimensional view of the road and is using lidar units from Luminar Technologies on its initial robotaxis in the meantime.
Despite being owned by Intel, Mobileye has never used Intel’s factories to make its chips, instead of relying on Taiwan Semiconductor Manufacturing for all of its “EyeQ” chips to date.
The Wall Street Journal first reported Intel’s intent to list the shares.
“Mobileye has realized accelerated growth and opportunity since joining the Intel family, nearly tripling annual chip shipments, revenue, and the number of employees since the acquisition,” said Shashua, founder and CEO of Mobileye. “Our alignment with Intel continues to provide Mobileye with valuable technical resources and support that has yielded strong revenue along with free cash flow that allows us to fund our AV development work from current revenue. Intel and Mobileye’s ongoing technology co-development will continue to deliver great platform solutions for our customers.”
Intel has today announced its intention to take its subsidiary Mobileye public in the United States in 2022.
Mobileye, a maker of advanced driver-assistance systems (ADAS) and self-driving solutions, initially went public in 2014 and was acquired – lock, stock, and barrel – by Intel in 2017.
Intel wants to retain control: This time, an initial public offering will create a separate publicly traded company. Intel will remain the majority shareholder and the two companies will continue their strategic partnership. Mobileye’s executive team will also remain in place with Prof. Amnon Shashua at the helm.
Mobileye is expecting to deliver over 40% more revenue in 2021, compared to 2020, and supplies more than 30 different automakers worldwide. It recently shipped its 100 millionth EyeQ® system-on-chip, unveiled its production robotaxi, and scaled its autonomous vehicle testing across multiple cities around the world covering the U.S., Europe, and Asia.
Intel Long (Buy) Enter At: 51.82 T.P_1: 58.73 T.P_2: 62.93 T.P_3: 68.55 S.L: 47.86
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