Intel announces it will push Mobileye to go public independently with a valuation of over $50 billion-EEWORLD

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Intel announced on December 7 that it plans to list Mobileye in the United States in mid-2022 through an initial public offering (IPO), a plan that has received full support from the company's board of directors. This move will unlock the value of Mobileye for Intel shareholders by creating an independent listed company, and will continue to promote Mobileye to provide support to a wider market based on its success. It is reported that Intel has valued Mobileye at more than $50 billion.

Mobileye's fleet of self-driving cars in Israel

Mobileye is an ADAS and autonomous driving company. As a pioneer in the field of autonomous driving, it has pioneered solutions based on visual perception to help cars "see" road conditions and work with steering, braking and other systems to avoid collisions. Mobileye has chosen a different strategy from some of its autonomous driving competitors. Its camera-based system can help cars achieve adaptive cruise control and lane change assistance. And he also plans to eventually have his own lidar sensors to help his cars draw a three-dimensional view of the road. Mobileye has launched a total of five generations of autonomous driving chips, and each generation of chips has increased several times in computing power. The latest EyeQ5 chip uses a 7nm process, with a computing power of up to 24TOPS, and will be mass-produced this year.

Mobileye went public in 2014 and was subsequently acquired by Intel in 2017. Intel currently owns all of Mobileye's shares. Since Mobileye was acquired, its revenue has nearly tripled, and in the latest third-quarter report, Mobileye's revenue increased by 39% year-on-year. In addition, compared with last year, Mobileye's revenue this year is expected to increase by more than 40%, and it has received more than 40 new project orders from more than 30 automakers around the world. It is expected that it will retain a majority stake after the IPO is completed. Intel has no intention of divesting or otherwise transferring Mobileye's majority stake.

Mobileye's Innovation and Growth

As one of the industry leaders, Mobileye has always been at the forefront of innovation in advanced driver assistance systems (ADAS) and autonomous driving solutions, a rapidly growing and evolving market that is changing the way goods are transported and people travel around the world. In 2021, Mobileye EyeQ® system-on-chip (SoC) shipments exceeded 100 million units, and Mobileye's autonomous driving test cars have been running in many cities around the world in the United States, Europe and Asia. Mobileye has also launched mass-produced autonomous driving taxis and won new ADAS project orders for 41 models from more than 30 automakers around the world. These projects cover from core driver assistance technologies to next-generation driver assistance and fully autonomous driving systems. Mobileye has also won multiple Mobility as a Service (MaaS) projects starting in 2023, as well as multiple consumer and B2B mass-produced car projects using Mobileye's autonomous driving systems starting in 2024.

Professor Amnon Shashua stands in front of a Mobileye self-driving car during a Mobileye event at the Nasdaq Stock Exchange.

A series of recently announced plans once again highlight Intel's long-term commitment to the automotive market, including the Intel Foundry Services Accelerator and dedicated chip production capacity for the automotive industry. Intel will continue to provide Mobileye with technical resource support to help Mobileye provide industry-leading sensor technology; and Mobileye's strong strength in the automotive field will continue to help Intel seize the broad opportunities in the fast-growing automotive chip field. Intel's global influence, diversified global supply chain, global manufacturing network, and expertise and capabilities in radar, lidar and software will continue to provide support for Mobileye to achieve a win-win situation.

It is reported that the IPO and its conditions and timing are pending and will be decided based on market conditions. Intel will continue to fully integrate Mobileye as a major shareholder. The transaction is not expected to have an impact on Intel's 2021 financial targets.

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