Mobileye Shares Rise 6% on Enhanced Automated Driving Collaboration with Volkswagen

By Sabela Ojea

Shares of Mobileye NV on Wednesday climbed after Volkswagen said the companies are extending their automated driving collaboration.

At 11:23 a.m. ET, shares were up 5.8% to $30.00. The stock has, however, dropped 30.8% since the beginning of the year.

The German carmaker said Mobileye is set to supply further technology components for automated driving to Volkswagen's commercial vehicles, as well as provide technologies for partially and highly automated driving based on its Mobileye SuperVision and Mobileye Chauffeur platforms.

Overall, Volkswagen and Mobileye will bring new automated driving functions to series production, the company said.

"When such functions will be available, and subject to its operational design domain, drivers will be allowed to take their hands off the steering wheel but must remain attentive to the traffic and ready to intervene at any time," the company said.

In the long term, Volkswagen aims to rely on its own complete in-house system based on its partnerships with Bosch and Qualcomm, as well as with Horizon Robotics in China.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

March 20, 2024 11:57 ET (15:57 GMT)

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