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Intel scooping up an automotive tech company for $15.3 billion

Apple may or may not be working on an “Apple Car,” but Intel is interested in such technology. The company has announced a $15.3 billion acquisition of Israeli automotive technology company Mobileye N.V.

The $63.54-per-share deal is expected to close within the next nine months, Intel said. Shares of Mobileye jumped nearly 32% on the news. 

Mobileye develops vision-based advanced driver assistance systems (ADAS) providing warnings for collision prevention and mitigation. Mobileye N.V. headquarters and main R&D centre is located in Jerusalem, Israel, operating under the company name Mobileye Vision Technology Ltd.

Intel says self-driving cars will represent a $70 billion market by the year 2030. Each self-driving car on the road will generate 4 terabytes of data per hour by the year 2020, thecompany estimates.

“This massive amount of data requires all of Intel’s assets to provide the cost-effective high performance solutions our customers need,” CEO Brian Krzanich wrote in a memo to employees. “The addition of Mobileye to our family provides the data path to our computing solutions becoming the intelligent set of eyes that will allow a vehicle to see and define the world around it.”

Dennis Sellers
the authorDennis Sellers
Dennis Sellers is the editor/publisher of Apple World Today. He’s been an “Apple journalist” since 1995 (starting with the first big Apple news site, MacCentral). He loves to read, run, play sports, and watch movies.