(Reuters) -Intel Corp’s self-driving tech unit Mobileye Global Inc said on Thursday it sees more than $17 billion in revenues for its advanced driver assistance systems (ADAS) products by 2030.
Jerusalem, Israel-based Mobileye, which went public in October last year, is a top player in the ADAS market, which shares components with fully automated self-driving systems but costs much less.
The company said it will continue testing its autonomous vehicle technology in 2023.
A push to incorporate assisted-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye.
The company, which Intel bought in 2017, counts BMW, Nissan, Volkswagen, among others as its customers. Mobileye added that it expects the volume of its latest SuperVision product-based vehicles to reach 1.2 million units in 2026, on the back of strong demand in China.
It also expects an additional $3.5 billion in revenues through 2028, for its autonomous mobility-as-a-service products.
Shares in the company were down 3% on Thursday, amid a weakness in broader markets. It is up about 48% from the IPO price of $21, valuing Mobileye at nearly $25 billion. [.N]
(Reporting by Eva Mathews in Bengaluru; Editing by Shailesh Kuber)