Initial public offering builds on Mobileye’s
revenue growth and record of innovation and unlocks value for Intel
shareholders.
NEWS HIGHLIGHTS
- Mobileye is a market leader in driver-assistance and autonomous
driving solutions. It expects to deliver over 40% more revenue in
2021 compared with 2020, along with a record 41 new program wins
with more than 30 leading automakers worldwide.
- 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 U.S., Europe and Asia.
- Intel will maintain majority ownership of Mobileye.
- Intel and Mobileye will continue co-development of solutions
and technologies to further both companies’ interests in the
automotive tech market.
- Prof. Amnon Shashua and the Mobileye executive team will remain
at Mobileye.
With the full support of Intel’s board of directors, Intel today
announced its intention to take Mobileye public in the United
States in mid-2022 via an initial public offering (IPO) of newly
issued Mobileye stock. The move will unlock the value of Mobileye
for Intel shareholders by creating a separate publicly traded
company and will build on Mobileye’s successful track record and
serve its expanded market.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211206005851/en/
A photo shows Mobileye’s fleet of
self-driving vehicles in Israel. (Credit: Mobileye, an Intel
Company)
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. The share of semiconductors is expected to be 20% of a
premium vehicle’s total bill-of-materials (BOM) by 20301. The
Mobileye executive team will remain, with Prof. 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.
More: Mobileye/Intel Automotive News
In the four years since Mobileye was acquired by Intel, Mobileye
has experienced substantial revenue growth, achieved numerous
technical innovations and made significant investments directed to
solving the most difficult scientific and technology problems to
prepare the deployment of autonomous driving at scale.
“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 percent higher than 2020, highlighting
the powerful benefits to both companies of our ongoing
partnership,” Intel CEO Pat Gelsinger said. “Amnon and I determined
that an IPO provides the best opportunity to build on Mobileye’s
track record for innovation and unlock value for shareholders.”
Mobileye is a global leader and at the forefront of innovation
in advanced driver-assistance systems (ADAS) and self-driving
solutions – a rapidly growing and evolving market that is
transforming the movement of goods and people globally. In 2021,
Mobileye shipped its 100 millionth EyeQ® system-on-chip (SoC),
scaled autonomous vehicle (AV) test programs across multiple cities
around the world covering the U.S., Europe and Asia, unveiled its
production robotaxi, and secured 41 new ADAS program wins across
more than 30 automakers globally. New program wins range from core
driver-assistance technology through next-generation
driver-assistance and full self-driving systems. The company has
also secured multiple deals for mobility-as-a-service (MaaS)
programs starting in 2023, as well as consumer and
business-to-business vehicle production designs for Mobileye’s
self-driving system starting in 2024.
“Mobileye has realized accelerated growth and opportunity since
joining the Intel family, nearly tripling annual chip shipments,
revenue and the number of employees since the acquisition,” said
Shashua, founder and CEO of Mobileye. “Our alignment with Intel
continues to provide Mobileye with valuable technical resources and
support that has yielded strong revenue along with free cash flow
that allows us to fund our AV development work from current
revenue. Intel and Mobileye’s ongoing technology co-development
will continue to deliver great platform solutions for our
customers.”
Intel’s long-term commitment to the automotive market is
underscored by recently announced programs, including the Intel
Foundry Services Accelerator and dedicated capacity for the
automotive industry. Intel will continue to support Mobileye with
technical resources to deliver industry-leading sensor
technologies, while Mobileye’s strength in the automotive sector
will continue to enable Intel to address the automotive sector’s
fast-growing silicon BOM opportunity. Intel’s global reach along
with its ability to offer a geographically diverse supply chain,
global manufacturing network and expertise in radar, lidar and
software continues to position Mobileye for ongoing collaborative
success.
Mobileye went public in 2014; it was acquired by Intel in 2017.
Intel currently owns 100% of Mobileye shares and is expected to
retain majority ownership following the completion of the IPO.
Intel has no intention of spinning off or otherwise divesting its
majority ownership interest.
A final decision on the IPO and its conditions and ultimate
timing is pending and subject to market conditions.
Intel, as majority shareholder, will continue to fully
consolidate Mobileye. The transaction is not expected to have an
impact on Intel’s 2021 financial targets.
About Intel
Intel (Nasdaq: INTC) is an industry leader, creating
world-changing technology that enables global progress and enriches
lives. Inspired by Moore’s Law, we continuously work to advance the
design and manufacturing of semiconductors to help address our
customers’ greatest challenges. By embedding intelligence in the
cloud, network, edge and every kind of computing device, we unleash
the potential of data to transform business and society for the
better. To learn more about Intel’s innovations, go to
newsroom.intel.com and intel.com.
[1] Source: Roland Berger Computer of Wheels, McKinsey,
Intel
No Offer or Solicitation
A registration statement relating to the common shares to be
sold in the Mobileye IPO is expected to be filed with the U.S.
Securities and Exchange Commission (the “SEC”), but has not been
filed or become effective. The common shares may not be sold and
offers may not be accepted prior to the time the registration
statement becomes effective. This release does not constitute an
offer to sell or the solicitation of any offer to buy, and there
shall not be any sale of the common shares in any state in which
such offer, solicitation or sale would be unlawful prior the
registration or qualification under the securities laws of any such
state.
Cautionary Note Regarding Forward-Looking Statements
This release contains “forward-looking statements” as defined
under the federal securities laws, which statements involve
substantial risks and uncertainties. Words such as “anticipate,”
“believe,” “estimate,” “expect,” “forecast,” “intend,” “may,”
“plan,” “project,” “predict,” “should” and “will” and similar
expressions as they relate to Intel are intended to identify such
forward-looking statements. These forward-looking statements
include, but are not limited to, statements regarding (a) Intel’s
intention to conduct an IPO of Mobileye’s stock, the timing thereof
and the anticipated benefits of the IPO for Intel and its
stockholders, (b) Intel’s and Mobileye’s future operations,
including continuing collaboration and resource sharing between the
two parties, the use of IPO proceeds and Intel’s and Mobileye’s
respective opportunities and plans related to the automotive
sector, (c) Intel’s continuing majority ownership of Mobileye,
consolidation of Mobileye’s financials with Intel’s and the
expected impacts on Mobileye’s financial targets and (d) the
management and employees of Mobileye following the IPO. These
forward-looking statements are based on Intel’s and its board of
directors’ current expectations and beliefs and are subject to a
number of factors and uncertainties that could cause actual results
to differ materially from those described in these statements.
These factors and uncertainties include but are not limited to: (i)
adverse changes in general economic or market conditions, (ii) the
inability to manage successfully and complete the IPO, including
the ability to retain and attract key employees, (iii) the risk
that the IPO of Mobileye may not occur in its expected timeframe or
at all and (iv) other one-time events and other important factors
disclosed previously and from time to time in Intel’s filings with
the SEC, including Intel’s most recent Annual Report on Form 10‑K
filed with the SEC and subsequent Quarterly Reports on Form 10-Q
filed with the SEC. Intel disclaims any obligation to update any
such forward-looking statements after the date of this release.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.
© Intel Corporation. Intel, the Intel logo and other Intel marks
are trademarks of Intel Corporation or its subsidiaries. Other
names and brands may be claimed as the property of others.
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version on businesswire.com: https://www.businesswire.com/news/home/20211206005851/en/
Danielle Mann 1-973-997-1154 danielle.mann@intel.com
Robin Holt 1-503-616-1532 robin.holt@intel.com
Tony Balow 1-503-816-1704 tony.balow@intel.com
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