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Mobileye Global Inc (NASDAQ:MBLY) stock is trading higher Wednesday amid reports of the company winning orders to ship 46 million of its EyeQ6 Lite assisted-driving chips.
The chips, which are in significant demand across global markets, will be incorporated into vehicles launching mid-year.
The company’s executive vice president of business strategy and development, Nimrod Nehushtan, highlighted that this figure represents current wins, anticipating further growth and deployment in the coming years, Reuters reports.
While Mobileye has kept its customer list confidential due to non-disclosure agreements, known clients include prominent automotive manufacturers like Volkswagen and Porsche, according to Reuters.
The EyeQ6 Lite system represents Mobileye’s mass-market offering, enabling vehicles with basic assisted driving features such as automated cruise control and lane changes.
Nehushtan emphasized the EyeQ6 Lite’s capability to interpret text on road signs and its significant computing power upgrade—4.5 times that of its predecessor, made possible by Taiwan Semiconductor Manufacturing Co’s (NYSE:TSM) 7-nanometer process.
Additionally, the chip is power-efficient and cost-effective while supporting global five-star safety ratings.
It includes an 8-megapixel camera offering a 120-degree field of vision for improved environmental detection. Mobileye also mentioned its more advanced EyeQ6 High chip, which is slated for volume production early next year.
Mobileye reported fourth-quarter revenue growth of 13% year-on-year in January to $637.0 million, missing the Street consensus estimate of $639.8 million. Adjusted EPS of $0.28 beat the Street consensus estimate of $0.27.
Mobileye stock plunged over 30% in the last 12 months. Investors can gain exposure to the stock via First Trust Nasdaq Artificial Intelligence And Robotics ETF (NASDAQ:ROBT) and Vanguard Extended Market ETF (NYSE:VXF).
Price Action: MBLY shares are trading higher by 2.72% at $30.95 in premarket on the last check Wednesday.
