Intel plans to list shares in self-driving car unit Mobileye
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 a majority ownership in the unit after the IPO.
Intel Corp said on Monday it plans to take self-driving-car unit Mobileye public in the United States in mid-2022, a deal which could value the Israeli unit at more than $50 billion, a person familiar with the matter told Reuters.
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 a majority ownership in the unit after the IPO.
Intel bought autonomous vehicle technology firm Mobileye for $15.3 billion in 2017, putting it into direct competition with rivals Nvidia and Qualcomm to develop driverless systems for global automakers.
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 relying on Taiwan Semiconductor Manufacturing Co for all of its "EyeQ" chips to date.
The Wall Street Journal first reported
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.