Intel plans to take its self-driving car unit public in the U.S. in mid-2022. This is an opportunity to increase visibility for Mobileye, CEO Pat Gelsinger says.
Intel, whose share price has fallen from $68 in April to less than $50 in December, said the listing will create value for Intel shareholders. It added that it will remain the majority shareholder of Mobileye.
Intel CEO Pat Gelsinger hailed the acquisition of Mobileye as a success, adding that Mobileye's revenue will be 40% higher in 2021 than it was in 2020. "We definitely see the opportunity to bring Mobileye forward in a big way," he told CNBC Tuesday, adding that the unit has been somewhat hidden inside of Intel, which has a market cap of $200 billion.
Sales at Mobileye have tripled since Intel took it over and the company did around $1 billion in revenue last year. "This is already very profitable," Gelsinger said. Founded in Jerusalem by Amnon Shashua and Ziv Aviram in 1999, Mobileye is one of Israel's biggest success stories in tech. The company develops self-driving cars and advanced driver-assistance systems for other manufacturers.
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