Mobileye to Wind Down Aftermarket Solutions Unit
March 18 2024 - 7:30AM
Business Wire
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.
___________________________________ 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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Mobileye’s business and results is included in Mobileye’s SEC
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