Image Source: Mobileye
BEIJING, March 8 (TMTPOST) — International chip-making giant Intel’s autonomous driving unit Mobileye has reportedly filed for an initial public offering (IPO) in the United States, according to a news report by Reuters.
Intel acquired the Israeli startup specializing in chips for autonomous driving in 2017 at the price of US$15.3 billion. Mobileye accounts for 80% of the Advanced driver-assistance systems (ADAS) market.
Intel has not disclosed any public listing plan for Mobileye. The chip-making giant said last December that it plans to take the autonomous driving technology company public in the United States in mid-2022. It was reported that Mobileye is valued at over US$50 billion.
"Preparations for the IPO continue at a fast pace, everything is done, work on the paperwork, the prospectus, and submitting what is needed. When everything is ready, then we will make the IPO and it will of course be based to some extent on market conditions at that point in time,” Intel’s CEO Pat Gelsinger said. “We have consultants who say when is better and at what price, but I tell the team that handles the Mobileye issue - we do not stop for one second. The market may have fluctuated now, but who knows what will happen in a few months?"
Intel will continue to hold a majority stake in Mobileye after its independent public listing. Intel and Mobileye will continue their partnership in research and development. Mobileye’s current CEO Amnon Shashua and current management team will remain with the company. Mobileye is also a software supplier of Tesla.
In 2021, Mobileye’s revenue reached US$1.4 billion, registering year-on-year growth of 43%. It is estimated that Mobileye’s chips are installed on 45 million to 50 million vehicles, according to securities firm Northland Securities analyst Gus Richard. Last year, Mobileye announced that the company had shipped out over 100 million ADAS EyeQ SoC chips.
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