Intel's self-driving car division Mobileye files for IPO
Tuesday, 4 October 2022
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 US Securities and Exchange Commission (SEC) on Friday, reports CNBC.
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.