Self-Driving Tech Mobileye Gained 38 percent on Debut Valuing the IPO at $23 billion

Mobileye Global, Intel’s self-driving vehicle technology business shares debuted on the Nasdaq Wednesday and opened trading at $26.71, closing up 38 percent to $28.97, giving the company a market value of about $23 billion. MBLY raised $861 million by offering 41 million shares at $21, above the range of $18 to $20. INTC only floating 5% of its basic shares outstanding, well below the typical 15%, in light of current market conditions and market reaction. It listed on the Nasdaq … Continue reading “Self-Driving Tech Mobileye Gained 38 percent on Debut Valuing the IPO at $23 billion”

Ford Earnings Overcome Cost Pressures, Winds Down Argo AI Autonomous Vehicle JV with Volkswagen

Ford Motor reported better-than-expected third quarter earnings Wednesday as price increases offset input cost pressures and currency headwinds $F had previously warned about. The auto major tightened it’s its guidance for full-year profits to around $11.5 billion, down from a prior estimate of between $11.5 billion to $12.5 billion. Ford said it would wind-down its autonomous vehicle joint venture Argo AI with Germany’s Volkswagen. Ford booked a $2.7 billion non-cash charged linked to its investment as it transitions to what … Continue reading “Ford Earnings Overcome Cost Pressures, Winds Down Argo AI Autonomous Vehicle JV with Volkswagen”

Intel Autonomous Driving Unit Mobileye $861 million IPO Prices Above Range

Mobileye Global, Intel’s self-driving vehicle technology business raised $861 million by offering 41 million shares at $21, above the range of $18 to $20. The IPO terms were announced last Tuesday and priced last night, a week later. INTC was sold off briskly on the news as the number was far below expectations of the $30 billion figure Intel had flouted about a month ago. The company is only floating 5% of its basic shares outstanding, well below the typical … Continue reading “Intel Autonomous Driving Unit Mobileye $861 million IPO Prices Above Range”

PACCAR Recovers from Chip Issues, Delivers Record Parts Revenues

PACCAR reported stronger than expected third quarter earnings before the market Tuesday despite chip issues and supply constraints. The PACCAR parts segment delivered record revenues and pretax profits; a 32% increase compared to the third quarter of 2021. Profit margins for both trucks and the parts business were up substantially year over year. Investors have concerns however with the global economic and supply-chain issues constraining orders and production. PCCAR is also set for a large research-and-development spend that might impact … Continue reading “PACCAR Recovers from Chip Issues, Delivers Record Parts Revenues”

Nvidia Launches DRIVE Thor Autonomous and Assisted Driving Platform

Chip maker Nvidia has been aggressively developing its key growth automotive business segment enhancing its artificial intelligence (AI) market capabilities. NVDA on Tuesday unveiled its new computing platform called DRIVE Thor to centralize autonomous and assisted driving. The platform has other digital functions including in-car entertainment which will bring down the ultimate cost. Nvidia’s head of automotive business Danny Shapiro said DRIVE Thor would be able to replace numerous chips and cables in the car and bring down the overall … Continue reading “Nvidia Launches DRIVE Thor Autonomous and Assisted Driving Platform”

General Motors To Invest USD300 Million in Chinese Autonomous Vehicle Startup Momenta

General Motors $GM will invest USD300 million in Chinese autonomous vehicle startup Momenta. This investment is a strategic partnership that will support GM in building autonomous technologies for future models in China

Paccar Trucks to Deliver FedEx Packages Using Aurora’s Autonomous Technology

Aurora Innovation, a California-based self-driving technology company announced it is collaborating, with Paccar to launch a commercial pilot of autonomous trucks hauling goods for package delivery firm FedEx. The Paccar trucks will be equipped with Aurora’s autonomous technology to haul FedEx loads between Dallas and Houston on one of America’s busiest routes, the 500-mile round trip I-45 corridor. The pilot marks the next phase of a partnership among the three companies that was announced in January. The trucks will operate … Continue reading “Paccar Trucks to Deliver FedEx Packages Using Aurora’s Autonomous Technology”

NVIDIA Ramps up Self-driving With Acquisition of DeepMap For High-Fidelity 3D Mapping

NVidia continues its expansion of dynamic future segments. Self-driving is the latest, after announcing its acquisition of DeepMap who produce detailed and accurate high-fidelity 3D maps. $NVDA has been dominating Gaming and Big Data chips markets.

Domino’s and Nuro Combine For Self Driving Pizza Delivery Trial in Houston

Domino’s Pizza is having another foray into self-driving pizza delivery, They have partnered with autonomous driving tech startup Nuro in Houston to deliver pizza’s to counter a driver shortage and growing demand. Domino’s and Ford ran a pilot self driving project in 2017. Who get’s the tip?

AMD Stock Crushed After Revenue Miss and Earnings Outlook

Advanced Micro Devices reported worse than expected earnings after the close Wednesday. $AMD shares fell over 20% premarket, after falling 9.2% before the release The chip maker had been sold off with concerns about cryptocurrency demand falling.