The Israeli autonomous driving firm Mobileye has reached record sales of $229 million in the third quarter of 2019, representing a 20% growth over the last year, according to Intel’s quarterly report.
Intel acquired Mobileye in 2017 for $15.3 billion, constituting the largest acquisition in the history of Israeli hi-tech. The year before Intel bought Mobileye, the company’s sales were significantly lower, totaling $358 million in all four courters of 2016.
Overall, in the past year, Mobileye’s sales totaled approximately $822 million, nearly tripling the sales since the firm’s acquisition.
While Mobileye is a leading developer of autonomous driving technology, its sales are currently focused on Advanced Driver Assistance Systems (ADAS). To date, Mobileye’s assisted driving systems have been installed in over 40 million vehicles worldwide.
According to Mobileye’s founder and CEO and Intel’s senior VP, Professor Amnon Shashua, ADAS, providing warnings for collision prevention and mitigation, is currently installed in 22% of all new vehicles in the world.
In an editorial published on Intel’s website, Shashua estimated that ADAS will be installed in 75% of new vehicles by 2025. If Mobileye maintains its market share in the next five years, it could reach annual sales of NIS 2.5 billion.
In July, Shashua outlined major hurdles facing the autonomous future and said that privately-owned autonomous cars are not as close as the industry had hoped. However, Mobileye continues to invest heavily in the development of autonomous technology, which is expected to gradually expand as regulatory and technological obstacles are overcome in the next decade.
In August, Mobileye began the construction of its new R&D facility in the Har Hotzvim high-tech complex in Jerusalem, which will significantly expand the company’s operations in Israel’s capital.
The massive new development center will be built on 128,000 Square meters (approx. 31.6 acres) and host 2,700 Mobileye employees.