Mobileye Global Inc. - MBLY STOCK NEWS

Volkswagen Group has awarded Mobileye (Nasdaq: MBLY) the prestigious Volkswagen Group Award for Digitalization for 2024. This accolade was presented during a special event in Wolfsburg on July 2. The award recognizes Mobileye's contributions to innovative digital solutions, with a focus on enhancing Volkswagen's product portfolio and customer experience. The recognition underscores a long-standing partnership between Mobileye and Volkswagen, highlighted by the integration of Mobileye's advanced driver-assistance and autonomous driving technologies across multiple continents. Mobileye's technologies, including REM™ crowdsourced mapping and True Redundancy™ sensing, have been adopted in approximately 170 million vehicles worldwide. The award signifies Mobileye's continued influence in intelligent driving and road safety.

Mobileye Global (Nasdaq: MBLY) announced the appointment of Elaine L. Chao to its Board of Directors as an independent director, effective June 7, 2024. Chao, a former U.S. Secretary of Transportation and Labor, brings extensive experience in technology, transportation, and business transformation. Her background includes roles in public, private, and nonprofit sectors, with two Cabinet positions confirmed by the U.S. Senate. She has served on several public company boards and holds degrees from Harvard and Mount Holyoke. Mobileye's CEO, Prof. Amnon Shashua, expressed confidence in Chao's positive impact on the company's mission to advance road safety through technology.

Mobileye, a leader in autonomous driving and driver-assistance technologies, has equipped about 170 million vehicles globally. The company, an independent entity from Intel since 2022, focuses on AI, computer vision, mapping, and integrated hardware/software, offering solutions from ADAS to autonomous vehicles.

Mobileye Global (Nasdaq: MBLY) has announced its participation in two significant conferences: the UBS Auto and Auto Tech Conference on June 5, 2024, and Deutsche Bank's Global Auto Industry Conference on June 11, 2024.

The company will webcast its “fireside chat” at the Deutsche Bank event, scheduled for 1:55 PM ET. Interested parties can register for the webcast and access the replay on Mobileye's investor relations site. Replays will be available for 90 days.

Event dates and participation are subject to change, and additional events will be announced later. For the latest updates, visit Mobileye's IR site.

Mobileye reported a 48% decrease in revenue to $239 million in the first quarter of 2024, with diluted EPS at $(0.27) and Adjusted Diluted EPS at $(0.07). The company generated $40 million in net cash from operating activities and has a strong balance sheet with $1.2 billion in cash and no debt. Mobileye's EyeQ6L SoC deliveries are on track, and the announcement of a production award by Volkswagen Group led to an expansion in discussions with other global OEMs.

Mobileye has launched the EyeQ6 Lite system-on-chip, set to power advanced driver-assistance systems in 46 million vehicles worldwide. The EyeQ6L builds on Mobileye's expertise in automotive safety and chip design, offering improved performance and safety features at a competitive price. The technology aims to enhance road safety and reduce accidents globally, meeting regulatory requirements and delivering meaningful advancements to end users.

Mobileye Global Inc. (Nasdaq: MBLY) will announce its Q1 2024 financial results on April 25, 2024. The conference call hosted by top executives will provide a business update.

Volkswagen partners with Mobileye to develop autonomous Level 4 service vehicle for commercial use in Europe and the USA, utilizing advanced technology and shared modules within Volkswagen Group.

Volkswagen and Mobileye collaborate to bring new automated driving functions to series production. Audi, Bentley, Lamborghini, and Porsche to adopt Mobileye technologies for premium driving features. Volkswagen Commercial Vehicles to receive autonomous driving technology from Mobileye.

Mobileye to wind down its aftermarket solutions unit due to declining demand for retrofitted ADAS technology. Revenues have declined to $40 million annually. The company will now focus on advanced driver assist technologies and autonomous driving.