Mobileye jumps as it strikes Volkswagen autonomous driving collab
Mobileye rose by more than 5% in early trading after Volkswagen announced that it would partner with the autonomous driving company to upgrade its driver assistance systems.
Mobileye, which is majority owned by Intel, competes with companies like Alphabet’s Waymo and Tesla in the autonomous driving race. The stock is down about 20% since the start of the year amid stagnant sales and guidance cuts.
Volkswagen said Mobileye will help upgrade the automaker’s future models to “Level 2+” driver assistance. While that’s not an official designation, Level 2 autonomous cars can drive on their own but require driver supervision. Level 5, the highest designation, requires no driver attention at all, per industry standard.
Mobileye, which is majority owned by Intel, competes with companies like Alphabet’s Waymo and Tesla in the autonomous driving race. The stock is down about 20% since the start of the year amid stagnant sales and guidance cuts.
Volkswagen said Mobileye will help upgrade the automaker’s future models to “Level 2+” driver assistance. While that’s not an official designation, Level 2 autonomous cars can drive on their own but require driver supervision. Level 5, the highest designation, requires no driver attention at all, per industry standard.
