Intel's acquisition of Mobileye marks Israel as autonomous technology hub
Jerusalem
ISRAEL'S emergence as a centre for automotive technology got a vote of confidence on Monday when Intel Corp said that it would pay US$15 billion for Mobileye NV, a Jerusalem-based maker of chips and software for driverless cars. It will be the largest takeover of an Israeli tech firm and follows a series of deals and partnerships inked in recent years by major tech and car companies.
"The deal proves in a dramatic manner that our vision is coming true. Israel is becoming a global technology centre, not only in cyber, but also in the automotive area," Prime Minister Benjamin Netanyahu said in a text message. Israel had already singled out the automotive technology sector as a possible economic boon, allotting it 250 million shekels (S$96.4 million) for the next five years.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter
Carrier AirAsia discloses new listing plans under RM6.8 billion units merger
Baltimore’s trapped ships start leaving as new channel opens
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada