Israeli collision prevention sensor and mapping developer Mobileye (NYSE: MBLY) is now teaming with Volkswagen. German carmaker said on Monday that future Volkswagen models will use Mobileye's Road Experience Management (REM) camera-based map and localization technology. Volkswagen added that the two companies will work together to implement "a new navigation standard for autonomous driving starting in 2018." RELATED ARTICLES Mobileye moves on to mapping, driving policy Mobileye demonstrates smart car leadership The news saw Mobileye's share price soar 9%, giving the company a $9.95 billion market cap. Mobileye already holds 70% of the car sensor market and is now developing its mapping and navigational technology capabilities. Last year Mobileye announced an agreement with BMW and Intel to develop an autonomous fleet of cars by 2021 and in December announced a partnership with Dutch company HERE on mapping. Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2017 © Copyright of Globes Publisher Itonut (1983) Ltd. 2017
