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Intel Plans IPO for Mobileye
Intel (NASDAQ: INTC) announced plans to take its Mobileye autonomous vehicle business public with an IPO expected in mid-2022, contingent on market conditions. As of 2:55 p.m. ET on Tuesday, Intel’s stock price rose nearly 4% following this announcement.
Intel acquired Mobileye in 2017. The Israel-based company is a leader in advanced driver assistance and self-driving technology, projecting over 40% revenue growth this year. Currently, it has partnerships with over 30 automakers. Mobileye CEO Amnon Shashua noted that since joining Intel, the company has tripled annual chip shipments and revenue.
Intel plans to retain majority ownership after the IPO and will integrate its Moovit mobility solutions and remote sensing teams into Mobileye before the public offering. By 2030, Intel anticipates that semiconductors will represent about 20% of a premium vehicle’s bill of materials.
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