Intel announced its intention to list Mobileye separately
Intel announced that it intends to list Mobileye separately. Mobileye is Intel’s subsidiary responsible for the auto-driving business of automobiles and is one of the market leaders in assisted driving and autonomous driving solutions. In the past period of time, it has been the better part of Intel’s various businesses. It is estimated that Mobileye’s revenue in 2021 will increase by more than 40% over 2020.
Intel stated that Mobileye’s initial public offering (IPO) is expected to be conducted in mid-2022, and the final decision regarding the IPO and its conditions and timing will depend on market conditions. Intel believes that listing Mobileye separately can unlock the value of Mobileye for Intel’s shareholders. In the future, Intel will retain a majority stake in Mobileye and will continue to work with Mobileye as a strategic partnership to cooperate on projects in the automotive technology market to maximize the interests of both parties.
Mobileye’s management team will be retained, and Prof. Amnon Shashua will continue to serve as CEO. Intel’s recent acquisition of Moovit and the Intel team engaged in the development of lidar and other projects will be part of Mobileye. In the four years since Intel’s acquisition of Mobileye, Mobileye’s revenue has grown substantially, and it has achieved a number of technological innovations, preparing for the large-scale deployment of autonomous driving. Intel predicts that by 2030, chips will account for 20% of the total bill of materials (BOM) of high-end cars. Insiders said that Mobileye’s valuation will exceed $50 billion.
Intel has always hoped that Mobileye can become the mainstream brand of autonomous driving systems. It has begun road tests in New York City and is the only company in New York that holds a test license for autonomous vehicles. Mobileye plans to launch a commercial self-driving car-hailing service in Munich, Germany in 2022. Customers can request a car through Sixt or Mobileye’s apps. Intel will also cooperate with Volkswagen to test self-driving taxi services in Israel, which is planned to be launched in 2022. At the same time, Intel is still waiting for approval from South Korean regulators and intends to launch the same service locally.
