Intel (INTC), Mobileye NV (MBLY) to Build 100 Self-Driving Vehicles

Mobileye NV (NYSE:MBLY) — recently acquired by Intel Corporation (NASDAQ:INTC) — will be building self-driving vehicles.

Mobileye NV (MBLY)The company will team up with its parent company’s Automated Driving Group (ADG) in order to develop 100 self-driving vehicles as part of a test. At least 40 of these cars will be provided by BMW AG.

“With Mobileye, Intel emerges as a leader in creating the technology foundation that the automotive industry needs for an autonomous future,” said Intel CEO Brian Krzanich in a statement. The rest of the vehicles will consist of “multiple car brands and vehicle types,” to prove that Mobileye’s self-driving technology works with various platforms.

More than 15 million vehicles already use Mobileye’s technology. Intel will run trials of the system under real-world conditions in North America, Europe and Israel, where Mobileye’s headquarters are located.

The company’s business consists of computer vision and machine learning, data analysis, localization, as well as mapping for advanced driver assistance systems, plus self-driving technology.

Intel is set to buy out the rest of Mobileye from shareholders, following an 84% acquisition of its shares. Intel believes the vehicle systems, data and services market could be worth north of $70 billion by 2030.

Intel’s acquisition is designed to propel the growing initiative for the autonomous driving industry, while also making the company a more well-rounded technology provider that can compete with other industry heavyweights.

MBLY shares grew 0.1% and INTC stock surged 0.5%.

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