San Francisco, Dec 7 (IANS): Chip maker Intel has announced its intention to take its self-driving car business Mobileye public in the US next year via an initial public offering (IPO).
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.
"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 per cent higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership. An IPO provides the best opportunity to build on Mobileye's track record for innovation and unlock value for shareholders," Pat Gelsinger, Intel CEO said in a statement.
The share of semiconductors is expected to be 20 per cent of a premium vehicle's total bill-of-materials (BOM) by 20301. The Mobileye executive team will remain, with Amnon Shashua continuing as the company's CEO.
In the four years since Mobileye was acquired by Intel, Mobileye has experienced substantial revenue growth, achieved numerous technical innovations.
Recently, Gelsinger and Sixt SE Co-CEO Alexander Sixt announced a collaboration to begin offering autonomous ride-hailing services in Germany's Munich in 2022.
The collaboration between Intel subsidiary Mobileye and Sixt, a leading international provider of mobility services headquartered in Germany, also aspires to scale driverless ride-sharing services across Germany and other European countries later this decade.
Riders will be able to access the service via the Moovit app as well as the SIXT app. The autonomous robotaxi offering will be included in SIXT's holistic mobility platform ONE, which combines in just one app products for ride hailing as well as car rental, car sharing and car subscriptions.
Mobileye also unveiled the vehicles - branded with MoovitAV and Sixt - that will be produced in volume and used for the robotaxi service in Germany.