Mobileye had revenues of $1 billion in the first nine months of this year and operating income of $361 million.
The move will unlock the value of Mobileye for Intel shareholders by creating a separate publicly traded company.
Intel will remain the majority owner of Mobileye, and the two companies will continue as strategic partners, collaborating on projects as they pursue the growth of computing in the automotive sector.
The Mobileye executive team will remain, with Prof. Amnon Shashua continuing as the company’s CEO. Recently acquired Moovit as well as Intel teams working on lidar and radar development and other Mobileye projects will be aligned as part of Mobileye.
“Intel’s acquisition of Mobileye has been a great success. Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40 percent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership,” Intel CEO Pat Gelsinger said. “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.”
In 2021, Mobileye shipped its 100 millionth EyeQ SoC, scaled autonomous vehicle (AV) test programs across multiple cities around the world covering the U.S., Europe and Asia, unveiled its production robotaxi, and secured 41 new ADAS programme wins across more than 30 automakers globally.
New programme wins range from core driver-assistance technology through next-generation driver-assistance and full self-driving systems. The company has also secured multiple deals for mobility-as-a-service (MaaS) programs starting in 2023, as well as consumer and business-to-business vehicle production designs for Mobileye’s self-driving system starting in 2024.
Intel will continue to support Mobileye with technical resources to deliver sensor technologies. Mobileye’s strength in the automotive sector will continue to enable Intel to address the automotive sector’s fast-growing silicon BOM opportunity.
Mobileye, a specialist in computer vision for self-driving cars and advanced driver assistance systems (ADAS), went public in 2014; it was acquired by Intel in 2017 for $15.3 billion. Intel currently owns 100% of Mobileye shares and is expected to retain majority ownership following the completion of the Public issue. Intel has no intention of spinning off or otherwise divesting its majority ownership interest.
Intel, as majority shareholder, will continue to fully consolidate Mobileye. The transaction is not expected to have an impact on Intel’s 2021 financial targets.
