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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Mobileye cuts annual revenue forecast as automakers look to ease production

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton
The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the ... The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton
The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton
The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the ... The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton

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In an indication that the stalling production of electric vehicles may negatively impact the market for its driver-assistance technology, Mobileye Global (MBLY.O) reduced the upper end of its annual revenue prediction on Thursday.

Amidst mounting economic concerns and greater financing costs, automakers, including Tesla (TSLA.O), General Motors (GM.N.), and Ford (F.N.), have been hesitant when it comes to increasing their electric vehicle (E.V.) manufacturing capacity, potentially delaying demand.

Thus, Mobileye, a supplier to E.V. manufacturers like Polestar, may suffer. The Israel-based company revised its prior estimate of $2.07 billion to $2.11 billion in sales to $2.07 billion to $2.09 billion for the entire year.

According to LSEG statistics, Mobileye recorded sales of $530 million for the third quarter, compared with analysts’ average expectation of $527.8 million. Among its clients are well-known automakers like Volkswagen (VOWG_p.DE) and Porsche (PSHG_p.DE).

Mobileye’s response to the shifting industrial landscape demonstrates its ability to adapt to changing market dynamics and obstacles. The business can take advantage of its knowledge of ADAS and autonomous driving when the sector bounces back from temporary setbacks.

Mobileye’s yearly revenue prediction has been revised to account for the complex relationship between automakers and technology providers in the changing automotive industry.

Businesses like Mobileye must continue being adaptable and strong as the industry struggles with a lack of semiconductors and manufacturing changes. One of the primary forces behind innovation and expansion in the automobile industry is the continued pursuit of better driver-assistance technologies and autonomous driving.


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