Mobileye Global stock gains on contract win
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Investing.com -- Shares of Mobileye Global (NASDAQ:MBLY) rose more than 5% premarket on Wednesday after the company announced a contract win with a global automaker to supply its next-generation imaging radar for upcoming automated vehicles.
According to a company press release, the unnamed automaker selected Mobileye Imaging Radar as a key component of its “eyes-off, hands-off” SAE Level 3 automated driving system, scheduled to launch in personal vehicles starting in 2028.
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The selection follows what Mobileye described as a “years-long evaluation” of its radar against competing technologies.
“The selection of our imaging radar by this new customer validates the groundbreaking work we undertook,” said Prof. Amnon Shashua, Mobileye’s president and CEO.
Developed since 2018, Mobileye’s imaging radar is said to deliver high-precision environmental perception in difficult scenarios such as fog, rain, tunnels, and high-speed highway conditions.
The firm adds that it is designed to detect objects up to 315 meters away, including small hazards like tires near guardrails and road users such as pedestrians and cyclists.
“After recognizing how important this sensing modality would be to autonomous driving, we built what we believe is the industry’s standard for imaging radar that can deliver the safety and accuracy self-driving systems require,” added Shashua.
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