Intel’s board of directors has unanimously decided to launch Mobileye’s IPO. According to the official announcement, the move will unlock the value of Mobileye for Intel as well as its shareholders by creating a separate, publicly traded company. With the raising of capital, the chip maker will be able to finance part of the many tens of billions of dollars of investment package planned for the next few years.
Health insurance program, foreign-proof coding, transparent wireframe (x)MediHelp provides international health insurance in a cost-effective and easy way.
Health insurance program, foreign-proof coding, transparent wireframe (x) MediHelp provides international health insurance in a cost-effective and easy way.
Intel will continue to be the majority owner of Mobileye, and the two companies will continue to work together as strategic partners in various projects that follow the steep growth expected in the automotive industry. The leadership of Israeli-based Mobileye will not change, with Professor Amnon Shashua remaining the company’s CEO. And the recently acquired Moovit, as well as Intel teams working on lidar and radar development and other Mobileye projects, will be merged into Mobileye. Intel predicts that the share of semiconductors will account for about 20 percent of the total cost of production (BOM) for premium vehicles by 2030.
“The acquisition of Mobileye has proven to be very successful. Mobileye achieves record revenue year-over-year and profits in 2021 are expected to be more than 40 percent higher than in 2020, highlighting the enormous benefits for both companies from our ongoing partnership. “said Pat Gelsinger, Intel’s president and CEO. “Amnon and I have decided that the IPO provides the best opportunity to build on Mobileye’s innovation performance and deliver value to shareholders.”
Mobileye was acquired by Intel in 2017 for about $ 15.3 billion, and since then, the company that develops self-driving automotive technologies has become one of the fastest growing businesses in the chip maker. A source familiar with Mobileye’s plans to list it told Reuters that the company could be valued at more than $ 50 billion, more than three times the original purchase price.
The news came just a few months after Mobileye had agreed with car rental giant Sixt to launch a robotax service in Germany next year. The company has expanded its autonomous vehicle testing programs to several U.S., European and Asian cities this year, including more than 30 automakers, according to 41 new advanced driver assistance programs. Mobileye also plans to build 35,000 purpose-built driverless transport vehicles with Udelv by 2028.
I need capital
Looking at Intel’s business plans for the rest of the decade, it’s no surprise that the company is trying to raise as much capital as possible. In a speech at the Munich Motor Show in September, the company’s CEO Pat Gelsinger essentially promised the industry to expand its European production capacity by providing an investment framework of € 80 billion by the end of 2030. At the same time, US manufacturing will be significantly expanded by Intel, for which the listing of Mobileye may provide the financial background.
Source: HWSW Informatikai Hírmagazin by www.hwsw.hu.
*The article has been translated based on the content of HWSW Informatikai Hírmagazin by www.hwsw.hu. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!