Mobileye Shares Rise 6% on Enhanced Automated Driving Collaboration with Volkswagen
By Sabela Ojea
Shares of Mobileye NV on Wednesday climbed after Volkswagen said the companies are extending their automated driving collaboration.
At 11:23 a.m. ET, shares were up 5.8% to $30.00. The stock has, however, dropped 30.8% since the beginning of the year.
The German carmaker said Mobileye is set to supply further technology components for automated driving to Volkswagen's commercial vehicles, as well as provide technologies for partially and highly automated driving based on its Mobileye SuperVision and Mobileye Chauffeur platforms.
Overall, Volkswagen and Mobileye will bring new automated driving functions to series production, the company said.
"When such functions will be available, and subject to its operational design domain, drivers will be allowed to take their hands off the steering wheel but must remain attentive to the traffic and ready to intervene at any time," the company said.
In the long term, Volkswagen aims to rely on its own complete in-house system based on its partnerships with Bosch and Qualcomm, as well as with Horizon Robotics in China.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
March 20, 2024 11:57 ET (15:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks