Intel says it intends to take Mobileye public in the US in mid-2022, via an initial public offering of newly issued Mobileye stock.
The move will create a separate, publicly traded company and will build on Mobileye’s track record and serve its expanded market.
Intel will remain the majority owner of Mobileye and the two companies will continue as partners, collaborating on projects as they pursue the growth of computing in the automotive sector.
Intel notes the share of semiconductors is expected to be 20% of a premium vehicle’s total bill-of-materials (BOM) by 2030.
The Mobileye executive team will remain, with 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.
“Mobileye has achieved record revenue year-over-year with 2021 gains expected to be more than 40% higher than 2020, highlighting the powerful benefits to both companies of our ongoing partnership,” said Intel CEO, Pat Gelsinger.
“Amnon and I determined an IPO provides the best opportunity to build on Mobileye’s track record for innovation and unlock value for shareholders.”
Mobileye recently shipped its 100 millionth EyeQ system-on-chip, unveiled its production robotaxi and scaled its autonomous vehicle testing across multiple cities around the world, covering the US, Europe and Asia.