While Taiwan says it will abide by the U.S. Mobileye relies on STMicroelectronics for all of its EyeQ systems-on-a-chip, and STM is heavily dependent upon Taiwan Semiconductor Manufacturing as a subcontractor.
The Biden administration is imposing new export controls on chips to China - and not just from the U.S., but anywhere in the world where they use U.S. Additional risksĪs noted previously, it's a difficult market Intel is trying to spin off Mobileye in, and there is the added risk of growing tensions between the U.S. It notes Tesla, Apple, and Sony are rivals in the consumer AV space, while a laundry list of competitors in markets around the world are vying for supremacy in the automotive mobility-as-a-service (AMaaS) segment, including Baidu, Cruise, Didi Chuxing ,Waymo, and Zoox. AV cars have come a long way, but there is still much further to go.Īnd Mobileye isn't the only one pursuing solutions to perfect the technology. It was reported earlier this year that between July 2021 and May 2022, nearly 400 car crashes were reported (two-thirds were Teslas) that led to five deaths and six injuries. An early pioneer in this space has been Tesla, and while it has advanced the capabilities of the technology (it used to be a major customer of Mobileye), there have been some horrific failures as well.
That's all incredibly hopeful and sounds like Mobileye is on a growth trajectory that has a long runway, but there are risks.Īutonomous vehicles are truly an emerging market that is still trying to find its path forward, and so far the road has been bumpy. The increased pace of losses this year, though, comes from increased research and development expenses, the largest expense on its books, which jumped 39% year-over-year and grew to 42% of revenue from 37% the year before as it increased the number of R&D employees. Its prospectus said 76% of revenue over the first two quarters came from those customers, with its three largest customers being global auto parts makers ZF, Valeo, and Aptiv, which accounted for $43, 15%, and 15%, respectively, of the total.Īs Mobileye's business has grown, it has been able to narrow its losses, shrinking them from $328 million in 2019 to $75 million last year, though through the first six months of 2022 the AV tech company recorded $67 million in losses.
The vast majority of Mobileye's sales come from chips sold to eight vehicle makers. Year-to-date Mobileye revenue is up 21% versus a 14% decline for Intel, and over the past five years it has grown revenue from $200 million to $1.4 billion, a near-63% compounded annual growth rate.
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