Intel’s self-driving car division Mobileye files for IPO

In this article

Mobileye’s CEO Amnon Shashua poses with a Mobileye driverless vehicle at the Nasdaq Market site in New York, July 20, 2021.
Jeenah Moon | Reuters

Mobileye, an Intel-owned company that makes chips, maps, and software for self-driving cars, has filed for an IPO, according to a prospectus filed with the SEC on Friday.

Mobileye’s filling indicates strong revenue growth for the Israeli-based subsidiary, from $879 million in sales in 2019, to $967 million in 2020, to $1.39 billion last year. Losses have shrunk from $328 million in 2019 to $75 million last year.

The move to list Mobileye on the Nasdaq is part of Intel’s broader strategy to turn around its core business. Intel acquired the company for $15.3 billion in 2017 and had previously announced plans to take Mobileye public this year.

Intel previously said that it would use some funds from the Mobileye listing to build more chip factories as it embarks on a capital-intensive process to become a foundry for other chipmakers.

Mobileye, founded in 1999, has partnered with Audi, BMW, Volkswagen, GM, and Ford to develop advanced driving and safety features such as driver assist and lane-keeping using the company’s “EyeQ” camera, chips, and software. Mobileye CEO Amnon Shashua said in the filing that 50 companies are currently using the company’s technology across 800 vehicle models.

The prospectus says that Mobileye is planning to list Class A common stock, but did not provide the number of shares or price range for the proposed offering. Intel will maintain ownership of Class B shares that have ten times the votes of Class A shares, according to the prospectus, giving it control over the company’s board and other decisions.

Intel is looking to test the public markets at a time where the appetite for futuristic growth technology like self-driving cars have slowed significantly in the face of rising inflation and macroeconomic concerns.

Intel stock was up less than 1% in extended trading.

Technology

Products You May Like

Articles You May Like

Kate Winslet Recalls Her Agent Being Asked About Her Weight When She Was Younger
The New York Times Bestseller List vs. Their Best of List for 2022
‘Doctors are carrying out heart surgery by flashlight’: Liev Schreiber on his $1m fundraising for Ukraine
Richard Branson, Subject Of New Docuseries, Says Pioneering Space Flight Didn’t Produce A “Thunderbolt” Moment: “I’ll Let You Know” If It Happens 
CNN lays off hundreds of staffers after business review − read the memo

Leave a Reply

Your email address will not be published.