Monday, March 13, 2017

Intel buys Israeli car tech firm Mobileye for $15 bn

Intel buys Israeli car tech firm Mobileye for more than $15 billion (14 billion euros). This will help Intel towards developing self-driving vehicles.

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Intel and Mobileye previously collaborating with German automaker BMW to develop self-driving cars.

Intel and Mobileye said they expected to combine to become a global leader in "autonomous driving" that could provide the technology at a lower cost. They said, The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles.

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Intel estimates the vehicle systems, data and services market opportunity to be up to $70 billion by 2030.

Mobileye co-founder Ziv Aviram said of the acquisition that together, we will provide an attractive value proposition for the automotive industry. We expect the growth towards autonomous driving to be transformative. It will provide consumers with safer, more flexible, and less costly transportation options, and provide incremental business model opportunities for our automaker customers.



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