The news comes after a drastic cut to the expected valuation for the unit, to about $30B from a previously hoped-for $50B . It's also happening during

Intel's Mobileye files for initial public offering

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2022-10-02 11:00:13

The news comes after a drastic cut to the expected valuation for the unit, to about $30B from a previously hoped-for $50B . It's also happening during a weak week for the stock market.

Intel will retain full control of Mobileye through ownership of supervoting class B shares; it didn't detail the number of Class A share on offer, or the price at which they would be offered.

The unit's shown solid sales growth and declining losses: For the six months ended July 2, Mobileye posted revenues of $854M, with gross profit of $405M. Operating loss was $36M, and allowing for income taxes, net loss was $67M over that period.

The company faces heavy competition, it says: Among silicon providers, they include Ambarella (AMBA), Advanced Micro Devices (AMD), Arriver/Qualcomm (QCOM), Black Sesame Technologies, Horizon Robotics, Huawei, Nvidia (NVDA), NXP (NXPI), Renesas Electronics (OTCPK:RNECY), and Texas Instruments (TXN).

For autonomous driving competitors, it notes Argo AI, Aurora, Cruise, Motional, Pony.ai, Waymo (GOOG) (GOOGL), Yandex (YNDX), and Zoox in the U.S. and Europe, and Auto X, Baidu (BIDU), Deeproute.ai, Didi Chuxing (OTCPK:DIDIY), Momenta, and WeRide in China. Consumer AV competitors include Apple (AAPL), Sony (SONY), and Tesla (TSLA).