© Reuters. The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen on a jumbotron outside the Nasdaq MarketSite at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton
(Reuters) -Intel Corp’s self-driving tech unit Mobileye Global Inc said on Thursday it sees more than $17 billion in revenues for its advanced driver assistance systems (ADAS) products by 2030.
Jerusalem, Israel-based Mobileye, which went public in October last year, is a top player in the ADAS market, which shares components with fully automated self-driving systems but costs much less.
The company said it will continue testing its autonomous vehicle technology in 2023.
A push to incorporate assisted-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye.
The company, which Intel (NASDAQ:) bought in 2017, counts BMW, Nissan (OTC:), Volkswagen (ETR:), among others as its customers. Mobileye added that it expects the volume of its latest SuperVision product-based vehicles to reach 1.2 million units in 2026, on the back of strong demand in China.
It also expects an additional $3.5 billion in revenues through 2028, for its autonomous mobility-as-a-service products.
Shares in the company were down 3% on Thursday, amid a weakness in broader markets. It is up about 48% from the IPO price of $21, valuing Mobileye at nearly $25 billion. [.N]