Intel plans to list shares in self-driving car unit Mobileye

  • 12/7/2021
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Dec 6 (Reuters) - Intel Corp (INTC.O) 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. read more 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 (LAZR.O) 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 Intel"s intent to list the shares.

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