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Key Takeaways
- Shares of Mobileye Global Inc. jumped Wednesday after the company announced an expanded partnership with Volkswagen AG to boost self-driving vehicle technology.
- The company said its Mobileye Supervision and Mobileye Chauffeur platforms would be used in Volkswagen’s Audi, Bentley, Lamborghini, and Porsche brands.
- Mobileye also will supply automated driving components to Volkswagen Commercial Vehicles.
Shares of Mobileye Global Inc. (MBLY) jumped Wednesday after the company announced an expanded partnership with Volkswagen AG to boost self-driving vehicle technology.
Mobileye said the two would “bring new automated driving functions to series production.” It added that the company will provide Volkswagen with “technologies for partially and highly automated driving based on its Mobileye SuperVision and Mobileye Chauffeur platforms.”
Mobileye noted that the technologies will be used to provide “premium-oriented driving functions” to Volkswagen’s Audi, Bentley, Lamborghini, and Porsche brands. It explained that it will also supply components for automated driving for Volkswagen Commercial Vehicles.
Mobileye Chief Executive Officer (CEO) Amnon Shashua said with its products, the company sees Volkswagen leading the auto industry in putting artificial intelligence (AI)-powered advanced driver assistance technology “in the hands of consumers globally and developing new services with autonomous vehicles.”
Oliver Blume, CEO of the Volkswagen Group and Porsche AG, pointed out that these new functions “will significantly boost convenience and safety” for drivers.
Mobileye Global shares surged 4% to $29.52 at 1:25 p.m. ET Wednesday but are down almost 32% in 2024.
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