Mobileye receives 46m orders for new EyeQ6 chip

Amnon Shashua and Intel CEO Pat Gelsinger open trading on Nasdaq, October 2022 credit: Shannon Stapleton, Reuters

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The company has told "Reuters" that it has secured orders for 46 million of its EyeQ6 Lite assisted-driving chips over the next few years to make new vehicles safer and easier to drive.

Israeli advanced driving assistance systems (ADAS) company Mobileye Global Inc. (Nasdaq: MBLY) announced yesterday that it has delivered the first production-candidate hardware and software of its new EyeQ6 Lite system-on-chip to customers to speed ADAS upgrades worldwide. The company added that the new chips will be installed in 46 million vehicles over the next few years to make new vehicles safer and easier to drive.

Mobileye EVP business strategy and development Nimrod Nehustan told "Reuters" that the company is selling the EyeQ6 Lite in all major markets around the world, and cars with the technology will be launched in the middle of this year. He said, "The 46 million represents the amount of EyeQ6 Lite (business) that we have won to date. So it will grow, and it will be rolled out over the course of the next few years."

Mobileye said, "The EyeQ6L builds on Mobileye’s 25 years of pioneering work in automotive safety, computer vision, chip design and machine learning, which enabled the widespread adoption of automatic forward collision warning and emergency braking across the automotive industry. To date, more than 170 million vehicles worldwide have been built with Mobileye technology inside."

Mobileye founder and CEO Prof. Amnon Shashua said, "With the EyeQ6L, the team has once again delivered a system-on-chip that enables sizable gains in performance, safety, and comfort features to our customers, without a material increase in price, as has been our pledge for many years. We know the power of ADAS to save lives and reduce traffic accidents globally, and with the EyeQ6L, automakers can meet regulatory requirements while delivering meaningful technology improvements to end users."

Mobileye added that the next generation EyeQ6 High advanced system-on-chip will be launched in early 2025.

Mobileye's share price rose 2.75% on Nasdaq yesterday to $30.96, giving a market cap of $24.961 billion.

Published by Globes, Israel business news - en.globes.co.il - on April 18, 2024.