• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Friday, 24 March, 2023
  • Login
topfmonline.com
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
topfmonline.com
No Result
View All Result
Home Technology

Intel plans to take self-driving car unit Mobileye public

TOPFM NEWS by TOPFM NEWS
December 7, 2021
in Technology
A A
0
Intel plans to take self-driving car unit Mobileye public
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

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 initial public offering (IPO) of newly issued Mobileye stock.

Intel has no intention to divest or spin off its majority ownership in Mobileye, the company said in a statement, adding that it will continue to provide technical resources to the automaker.

The partnership continues to yield strong revenue along with free cash flow to Mobileye that allows funding of the autonomous vehicle development, Mobileye Chief Executive Officer Amnon Shashua said in a release.

“Amnon and I determined that an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders,” Intel CEO Pat Gelsinger said in the statement.

Gelsinger has been under pressure from activist investors such as Third Point LLC to consider spinning off its costly chip manufacturing operations, even as the company has looked to expand its advanced chip manufacturing capacity in the United States and Europe amid a global semiconductor shortage. 

Intel bought Mobileye for $15.3 billion in 2017, putting it into direct competition with rivals Nvidia Corp (NVDA.O) and Qualcomm Inc (QCOM.O) to develop driverless systems for global automakers.

Carmakers, including General Motors (GM.N), Ford (F.N) and Toyota (7203.T), are racing to shift from gasoline-powered lineups to all electric power and have invested significantly on models with features such as driver-assist technology and self-driving system.

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. 

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 (2330.TW) for all of its “EyeQ” chips to date.

Related Posts

TikTok launches an elections hub in Kenya ahead of General Elections

TikTok launches an elections hub in Kenya ahead of General Elections

July 15, 2022
10
Facebook to allow up to five profiles tied to one account

Facebook to allow up to five profiles tied to one account

July 15, 2022
4
Source: Stephen Nellis and Jahnavi Nidumolu
Via: Reuters
Tags: appleInteliphoneNvidiatech
Previous Post

Akuapem Poloo wanted to trend on her son’s birthday but her selfishness landed her in trouble – Arnold Asamoah

Next Post

U.S., Taiwan discuss chips, to cooperate under new framework

Related Posts

TikTok launches an elections hub in Kenya ahead of General Elections
Technology

TikTok launches an elections hub in Kenya ahead of General Elections

July 15, 2022
10
Facebook to allow up to five profiles tied to one account
Technology

Facebook to allow up to five profiles tied to one account

July 15, 2022
4
Microsoft releases tweet-size exploit for macOS sandbox escape bug
Technology

Microsoft releases tweet-size exploit for macOS sandbox escape bug

July 14, 2022
9
Final Android 13 beta arrives ahead of its official launch ‘in the weeks ahead’
Technology

Final Android 13 beta arrives ahead of its official launch ‘in the weeks ahead’

July 14, 2022
2
Ex-CIA engineer Joshua Schulte convicted over massive data leak
Technology

Ex-CIA engineer Joshua Schulte convicted over massive data leak

July 14, 2022
2
Samsung Galaxy Z Fold 4 with model name SM-F936U certified by FCC
Technology

Samsung Galaxy Z Fold 4 with model name SM-F936U certified by FCC

July 13, 2022
2
Next Post
U.S., Taiwan discuss chips, to cooperate under new framework

U.S., Taiwan discuss chips, to cooperate under new framework

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

BROWSE BY TOPICS

2022 Budget Afghanistan akufo addo Amazon Apiate explosion apple AT&T Bawku Black Stars covid COVID-19 COVID 19 E-Levy facebook Ghana Police Service Google Government health Intel iphone Mahama Majority Microsoft Minority momo NDC news NPP Nvidia OMICRON Parliament police Russia security South Africa Taliban tech Tesla US UTAG vaccine vaccines Verizon WHO Xinjiang

Recent Posts

  • FDA issues alert on two eyedrops which have killed patients in US
  • Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta
  • Donations to Appiate reconstruction being put to good use – Committee
  • Parliament to decide fate of Nana Addo’s new ministers today
  • I’m committed to serve’ – Kwabena Duffuor after filing NDC presidential forms

Recent Comments

No comments to show.

RECENT NEWS

  • FDA issues alert on two eyedrops which have killed patients in US March 24, 2023
  • Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta March 24, 2023
  • Donations to Appiate reconstruction being put to good use – Committee March 24, 2023
  • Parliament to decide fate of Nana Addo’s new ministers today March 24, 2023

MAIN CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

Entertainment

FDA issues alert on two eyedrops which have killed patients in US
Health

FDA issues alert on two eyedrops which have killed patients in US

3 hours ago
0
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2023 Top Media Group - Powered by BackUp Data Systems

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion

© 2023 Top Media Group - Powered by BackUp Data Systems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In