Shares of Mobileye Global Inc. (MBLY) indicated a more than 1% increase in premarket trading on Tuesday, following the announcement of the company’s groundbreaking technology. Mobileye, a leader in autonomous driving technologies, has launched the first camera-only Intelligent Speed Assist (ISA) software system, designed to meet the new European Union standards.
Autonomous Driving Made Safer and Smarter
The new ISA software system by Mobileye doesn’t rely on third-party map and GPS data, making it a self-sufficient solution. This innovative approach has earned the software system certification for use in all 27 EU countries, as well as Israel, Norway, Switzerland, and Turkey.
Embracing Europe
The Mobileye ISA system is set to be used by a “major global auto group” in two vehicle brands that will hit the European market in 2023. Additionally, three other “global automakers” are expected to follow suit in 2024. This indicates a significant adoption of Mobileye’s advanced technology in the coming years.
Unmatched Performance
Mobileye’s success is evident in its stock performance, with a year-to-date rally of 23.7%. While the Global X Autonomous and Electric Vehicles exchange-traded fund (DRIV) has seen a 36.7% climb and the S&P 500 (SPX) has gained 17.8%, Mobileye stands out as a leader in its industry.
Mobileye continues to revolutionize the automotive sector with its cutting-edge solutions. The launch of the camera-only Intelligent Speed Assist system is another leap towards safer and smarter autonomous driving experiences.