According to a press report, Intel has drastically reduced its expectations for the IPO of its robot car subsidiary Mobileye. The US chip group is only aiming for a valuation of less than 20 billion US dollars, it was reported “Wall Street Journal”
on its website late Monday evening, citing people familiar with the matter. The goal is to take Mobileye public on October 26th.
Originally, a valuation of 50 billion dollars was expected, according to the “WSJ”. In addition, Mobileye will sell fewer shares than initially planned. At the beginning of the month, the Bloomberg news agency reported a lower valuation, but it was still $30 billion at the time. The semiconductor giant had the BMW partner bought in 2017 for a good $15 billion.
Mobileye is in the driver assistance technology business with many major manufacturers and has equipped more than 117 million vehicles to date. The company has also been developing technology for this for years autonomous driving and wants to start Robotaxi services.
According to previous reports, Mobileye wants to put self-driving cars on the roads in the US by 2024. The vehicles with up to 14 seats are to be used as shuttles in cities. According to earlier plans, the company wanted to start a fully automated robotic taxi service in Jerusalem in Israel this year, but so far it has not got beyond test drives this spring. Technology companies have recently been under particular pressure on the stock exchanges as a result of rising interest rates and the associated higher cost of capital.