Mobileye In Autonomous Driving Deal With Volkswagen; Stock Up In Pre-market

(RTTNews) - German automaker Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE) and Mobileye Global Inc. (MBLY), a developer of autonomous driving technologies and driver-assistance systems, announced Wednesday an agreement to significantly accelerate its development efforts in the field of automated and autonomous driving.

In pre-market activity on the Nasdaq, Mobileye shares were gaining around 4.1 percent to trade at $29.52.

Under the deal, Mobileye would provide technologies for partially and highly automated driving based on its Mobileye SuperVision and Mobileye Chauffeur platforms.

In future, Volkswagen's Audi, Bentley, Lamborghini and Porsche brands will use these technologies to rapidly introduce new premium-oriented driving functions to their model portfolios across powertrain types.

Mobileye would provide advanced assistance systems for highway and urban driving, such as automated overtaking on multilane highways in permitted areas and conditions, as well as automatic stopping at red lights and stop signs, and support in intersections and roundabouts.

In addition, Mobileye is set to supply further technology components for automated driving to Volkswagen Commercial Vehicles.

In its statement, Mobileye said under its agreement with Volkswagen ADMT GmbH, part of Volkswagen, it will develop and supply software, hardware components and digital maps for the self-driving ID. Buzz AD. The deal was following an extensive pilot phase with road testing in Germany and the USA.

The main part of the agreement covers delivery and use of a self-driving system (SDS) for a special version of the ID. Buzz, which has been under development for autonomous driving since 2021.

The aim of Volkswagen ADMT is to develop the fully electric autonomous ID. Buzz AD for the use in mobility and transport services from 2026.