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| Intel buys driverless car technology firm Mobileye | Intel buys driverless car technology firm Mobileye |
| (about 1 hour later) | |
| US chipmaker Intel is taking a big bet on driverless cars with a $15.3bn (£12.5bn) takeover of specialist Mobileye. | US chipmaker Intel is taking a big bet on driverless cars with a $15.3bn (£12.5bn) takeover of specialist Mobileye. |
| Intel will pay $63.54 a share in cash for the Israeli company, which develops "autonomous driving" systems. | Intel will pay $63.54 a share in cash for the Israeli company, which develops "autonomous driving" systems. |
| Mobileye and Intel are already working together, along with German carmaker BMW, to put 40 test vehicles on the road in the second half of this year. | Mobileye and Intel are already working together, along with German carmaker BMW, to put 40 test vehicles on the road in the second half of this year. |
| Intel expects the driverless market to be worth as much as $70bn by 2030. | Intel expects the driverless market to be worth as much as $70bn by 2030. |
| Jerusalem-based Mobileye has contracts with 27 car makers. It also controls about two thirds of the market for software that runs automatic emergency braking and semi-autonomous cruise control systems already fitted to cars and trucks. | |
| Technology companies are racing to launch driverless cars. | Technology companies are racing to launch driverless cars. |
| Earlier this month, Nissan test drove a converted Leaf vehicle and said it hoped to make the cars available by 2020. | Earlier this month, Nissan test drove a converted Leaf vehicle and said it hoped to make the cars available by 2020. |
| Google has also done extensive development of driverless cars. | Google has also done extensive development of driverless cars. |
| Announcing the deal, Intel said that as cars "progress from assisted driving to fully autonomous, they are increasingly becoming data centres on wheels". | Announcing the deal, Intel said that as cars "progress from assisted driving to fully autonomous, they are increasingly becoming data centres on wheels". |
| The chipmaker reckons that by 2020 driverless cars will generate 4,000 GB, or 4 terabytes, of data a day that can be mined for information. | The chipmaker reckons that by 2020 driverless cars will generate 4,000 GB, or 4 terabytes, of data a day that can be mined for information. |
| Betsy Van Hees, analyst at Loop Capital Markets, said Intel had very little presence in the automotive market, "so this is a tremendous opportunity for them to get into a market that has significant growth opportunities". | |
| Timothy Carone, a Notre Dame University academic, said: "Major players are finding ways finding ways to position themselves for a change as seminal as the personal computer revolution." | |
| Shares in Intel fell 2.2% to $35.10 in New York. | |
| Mobileye was founded in 1999 to develop "vision-based systems to improve on-road safety and reduce collisions". | Mobileye was founded in 1999 to develop "vision-based systems to improve on-road safety and reduce collisions". |
| The company, along with Intel's automated driving group, will be based in Israel and led by Amnon Shashua, Mobileye's co-founder, chairman and chief technology officer. | The company, along with Intel's automated driving group, will be based in Israel and led by Amnon Shashua, Mobileye's co-founder, chairman and chief technology officer. |
| In its results for last year, Mobileye said revenue more than tripled to $358m, while pre-tax profit jumped from $79.7m to $125.4m. | In its results for last year, Mobileye said revenue more than tripled to $358m, while pre-tax profit jumped from $79.7m to $125.4m. |