[AutonomousVehicles] self driving company goes public

[Cornelius Butler]

Hi Everyone,
A self driving company went public on the stock market with its own Initial
Public Offering and it was successful. MObileye is now publicly traded.
This company was part of Intel.

Below is an article about this from CNN and where Mobileeye plans to go.

Article Link:
https://www.cnn.com/2022/10/26/business/mobileye-ipo-intel/index.html

Article Text:

Mobileye goes public, raising Intel $861 million
Matt McFarland
By Matt McFarland, CNN Business
Published 3:22 PM EDT, Wed October 26, 2022

Intel spun out its driver-assist subsidiary Mobileye Wednesday and raised
$861 million in the initial public offering. Mobileye’s stock was up about
34% during trading Wednesday from the initial public offering price of $21
a share.

Intel had purchased Mobileye in 2017 for $15.3 billion, but announced in
Dec. 2021 that it would spin out Mobileye.

Intel’s stock has been battered in recent years as it has struggled to
compete in the semiconductor market and needs to make significant capital
investments. It announced earlier this year plans to spend $20 billion on a
chip factory in Ohio, and said last year it would spend $20 billion on two
new Arizona facilities. Intel’s stock is down 48% this year.

Mobileye, founded in 1999 in Israel, was an early leader in emerging
driver-assist technology that can perceive the road and steer accordingly.
Mobileye claims the technology can improve road safety, and says that 117
million vehicles worldwide have been equipped with its technology, and that
it’s been installed on roughly 800 vehicle models worldwide. Mobileye
counts Ford, BMW, General Motors, Volkswagen, and Toyota among its
customers, and it has nearly 3,100 employees and operates in eight
countries.

It’s working to further develop its technology so drivers do not have to
keep their eyes on the road in some situations. Mobileye says its potential
market could grow from $16 billion today to about $40 billion in 2026 and
$480 billion in 2030 as it works toward ultimately developing robotaxis,
which are fully autonomous vehicles. The company posted 43% year-over-year
growth in 2021, with revenue of nearly $1.4 billion and an adjusted net
income of $474 million.

The robotaxi market is competitive and many large companies like Alphabet’s
Waymo and General Motors’ Cruise have spent billions while also pushing
back deadlines for broad rollouts of vehicles. Mobileye has tested
self-driving vehicles in New York City.

Mobileye is perhaps best known for sparring publicly with Tesla in 2016
over the use of its driver-assist technology following a fatal crash that
grabbed headlines and spurred a federal investigation. The companies had
worked together on the early version of Tesla’s driver-assist technology,
Autopilot, but Mobileye felt Tesla hadn’t incorporated the technology
safely, it said at the time of the dispute.

“There is much at stake here, to Mobileye’s reputation and to the industry
at large,” Mobileye said then.

Mobileye says being a public company again may help it draw attention to
its products.

“It’s important for us to amplify attention and a public company platform
really allows you to do that,” Mobileye spokesman Dan Galves told CNN
Business Wednesday.

Intel has said it will remain the majority owner of Mobileye and the two
companies will continue as strategic partners. Mobileye founder and CEO
Amnon Shashua will remain with the company.

“Mobileye’s goals — my goals — are incomplete, and I am as committed as
ever to a safer future,” Shashua said in a filing.

Chris Isidore contributed to this report.

-- 
Cornelius Butler
President
Butler New Media, LLC
"Creating A More Accessible World"
http://www.butlernewmedia.com
email: corn at butlernewmedia.com
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