Mobileye to Wind Down Aftermarket Solutions Unit

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Mobileye has chosen to wind down its aftermarket solutions unit that provides retrofitted advanced driver assistance technology, after a thorough review of this unit’s business prospects and investment needs.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, March 18, 2024
Information
Tags: 
Hardware, Automotive Manufacturing, Alternative Energy, Data Management, Energy, Manufacturing, Technology, Audio, Video, Performance & Special Interest, Autonomous Driving, Vehicles, Artificial Intelligence, General Automotive, Other Technology, Automotive, Other Energy, INTC, Intelligence, ADAS, Policy, Software, Wind, IMS, DXP, Safety, GSR, Renewable energy
Geotags: 
ISRAEL, MIDDLE EAST
Organisation: 
MOBILEYE, MOBILEYE GLOBAL
Stock Symbol: 
NASDAQ:MBLY
Summary
Key Points: 
  • Mobileye has chosen to wind down its aftermarket solutions unit that provides retrofitted advanced driver assistance technology, after a thorough review of this unit’s business prospects and investment needs.
  • “This was a very difficult decision,” said Prof. Amnon Shashua, President and CEO of Mobileye.
  • Mobileye will also continue offering and servicing customers of its General Safety Regulation (GSR) solutions for commercial vehicle manufacturers.
  • “Mobileye,” the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global.


Mobileye has chosen to wind down its aftermarket solutions unit that provides retrofitted advanced driver assistance technology, after a thorough review of this unit’s business prospects and investment needs.

As automakers and other vehicle manufacturers have steadily increased the rate at which integrated ADAS solutions are installed on new vehicles, the demand and future addressable market for retrofitted ADAS solutions has declined. As a result, this division has seen its revenues decline meaningfully, to roughly $40 million on an annual basis, and in recent years has not positively contributed to Mobileye profitability.

“This was a very difficult decision,” said Prof. Amnon Shashua, President and CEO of Mobileye. “The IMS division, formerly known as Aftermarket, was an early driver of Mobileye’s leadership, demonstrating that road safety can be effectively delivered at a low cost, a key catalyst for increasing adoption of ADAS technologies on new vehicles. Unfortunately, the success of Mobileye’s built-in ADAS solutions has diminished the opportunities for retrofit solutions to the point where it is no longer viable to continue the retrofit solutions activity.”

This move will focus Mobileye’s resources on the tremendous opportunities for delivering more advanced forms of driver assist technologies and autonomous driving. The company will work to support about 130 employees affected by the shutdown worldwide over the near-term and remains committed to satisfying the needs of existing IMS customers over the medium-term. Mobileye will also continue offering and servicing customers of its General Safety Regulation (GSR) solutions for commercial vehicle manufacturers.

This action is not expected to have any material impact on Mobileye’s 2024 results.

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Mobileye (Nasdaq: MBLY) leads the evolution of mobility with our autonomous driving and driver-assistance technologies, based on world-renowned expertise in artificial intelligence, computer vision, mapping, and integrated hardware and software. Since our founding in 1999, Mobileye has enabled the wide adoption of advanced driver-assistance systems while pioneering groundbreaking technologies such as REM™ crowdsourced mapping, True Redundancy™ sensing, Responsibility-Sensitive Safety™ (RSS™) driving policy and Driving Experience Platform (DXP). These technologies support a product portfolio structured for scale and designed to unlock the full potential of mobility, offering a range of solutions from premium ADAS to autonomous vehicles. By the end of 2023, about 170 million vehicles worldwide have been equipped with Mobileye technology. In 2022, Mobileye listed as an independent company separate from Intel (Nasdaq: INTC), which retains majority ownership. For more information, visit https://www.mobileye.com.

“Mobileye,” the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global. All other marks are the property of their respective owners.

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