Global, Markets

Intel Corporation (NASDAQ:INTC) step up in driverless car space by acquiring Mobileye (NYSE:MBLY)

According to latest reports computer hardware giant Intel Corporation (NASDAQ:INTC) has shown massive intent in driverless cars with a $15.3 billion capture of Mobileye NV(NYSE:MBLY).

Reports said that US chipmaker are investing $63.54 a share in cash for Jerusalem-based company, which develops “autonomous driving” systems.

Both Mobileye (NYSE:MBLY) and Intel are already joining forces, along with German car-maker BMW, to put 40 test cars on the road later in 2017.

Intel Corporation (NASDAQ:INTC) said in a statement that company anticipate the driverless market to be valued at as much as $70 billion by 2030.

Israeli Mobileye has contracts with 27 car-makers. The company also controls about two thirds of the market for software that runs automatic emergency braking and semi-autonomous cruise control systems already installed in cars and trucks.

Technology firms have been in stiff contest  to launch driverless cars.

Recently, Nissan had a tested a converted Leaf vehicle and is planning to roll out the car  by 2020. Search engine giant Google has also taken big steps in development of driverless cars.

While announcement, Intel said that as cars “progress from assisted driving to fully autonomous, they are increasingly becoming data centres on wheels”. The company thinks  that by 2020 driverless cars will generate 4,000 GB, or 4 terabytes, of data a day that can be mined for information.

Intel’s stock plunged 2.2% to $35.10 in New York.

The Tech-sector firm Mobileye (NYSE:MBLY) was founded in 1999 to develop “vision-based systems to improve on-road safety and reduce collisions”.

Mobileye (MBLY), along with Intel Corporation (NASDAQ:INTC) automated driving group, will be based in Israel and led by Amnon Shashua, Mobileye’s co-founder, chairman and chief technology officer.


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