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Semiconductor giant Intel said it plans to publicly list the shares of its automotive technology unit Mobileye in the United States in mid-2022. According to reports, this move may value the subsidiary at more than $50 billion.
In a statement released later on Monday, Intel made it clear that it will remain a major shareholder and the two companies will continue to work closely together.
It added that Mobileye's executive team will also remain in office.
The Wall Street Journal quoted a source familiar with the matter as saying that the valuation of the Israeli company may exceed US$50 billion.
“Intel’s acquisition of Mobileye has been a huge success,” Intel CEO Pat Gelsinger said in a statement, adding that he and his Mobileye colleagues “confirmed that the IPO provides the best opportunity to strengthen Mobileye Record of innovation and release value for shareholders."
Mobileye provides technology for automotive autonomous driving systems and was acquired by Intel for more than US$15 billion in 2017.
Its expertise includes accident avoidance systems, using real-time camera systems and algorithms to interpret data.
The company's proprietary EyeQ5 computer vision processor receives input from a 360-degree surround view sensor and positioning.
Mobileye cooperated with the electronic car giant Tesla to develop its Autopilot system, but this partnership was terminated in 2016 on the grounds of safety issues.
It provides technology to many major automakers, including BMW, Audi, Volkswagen, Nissan, Honda and General Motors.
Before Intel's acquisition, Mobileye went public for the first time in 2014.
Its July-September revenue was US$326 million, an increase of 39% over 2020.
In pre-market trading, Intel shares rose 8.5% to $55.34. Further exploration Intel announced that Israel’s expansion government valued at 10 billion U.S. dollars
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