January 27, 2023
The company’s revenues in the fourth quarter grew by 59%. In 2023, the company expects revenues of 2.19-2.28 billion dollars. A European customer intends to adopt the fully autonomous driving system, “without hands and without eyes” in 2026
While many chip and electronics companies are experiencing a slowdown in sales, Mobileye continues (Mobileye), present a growth momentum that seems almost unstoppable. Last Thursday, it reported that its sales in the last quarter of 2022 grew by 59% to the extent of approximately 565 million dollars. The revenues in 2022 amounted to approximately two billion dollars – approximately 35% more than in 2021. The company expects that in 2023 the revenues will reach the scope of 2.19-2.28 billion dollars. The more distant future also looks rosy: during 2022 the company increased its order backlog by 6.7 billion dollars, 3.5 times the actual revenue of Mobileye in 2022 – a sign that characterizes growth companies.
Now, Mobileye’s total order backlog reflects expected revenues of approximately 17 billion dollars by 2030. Another encouraging figure that the company’s CEO, Amnon Shashua, emphasized in the conference call with investors, is the increase in revenues from each vehicle. “Beyond the main data, the important thing is that the source of growth is starting to shift from an increase in volume only to a combination of an increase in volume and an increase in content per vehicle. Our advanced products embody a higher price per vehicle than our traditional products,” he said. In fact, a third of the growth in 2022 is attributed to an increase in the company’s average selling price (ASP).
First customer for fully autonomous driving
From the perspective of the product mix, the sales of ADAS systems based on front cameras and the EyeQ chip, grew among its 10 main customers, along with increasing use of the REM mapping service, which increases the recurring revenue from each vehicle. At the same time, the company is increasing its footprint in the field of autonomous driving: in 2022, it supplied approximately 90,000 kits of the SuperVision autonomous driving system to the Chinese car manufacturer Zeekr.
The SuperVision system is based on a peripheral camera array and enables autonomous driving without hands on the wheel (Hand Free) on intercity roads, including performing actions such as crossing between lanes and autonomous parking. In 2023, the number of orders is expected to grow more than twice, thanks to the launch of additional Zeekr vehicle models that will be equipped with the system. The parent company Geely also intends to integrate the system in other brands of the group.
The manufacturers are under pressure
Mobileye is expanding the marketing of SuperVision to Europe and the USA as well, with the completion of road mapping there. She reported that the completion of the mapping makes it possible to demonstrate the system by driving over thousands of kilometers with almost no need for driver intervention. Mobileye said that a European manufacturer of premium vehicles is expected to launch models with SuperVision in 2025. The same manufacturer also intends to adopt the fully autonomous driving system in 2026, Chauffeur, which does not require the driver to hold the steering wheel and look at the road (eyes-off hands-off).
According to Shashua, the autonomous driving systems recently launched by Tesla and Chinese car manufacturers have stimulated the entire automotive industry. “The competition between the car manufacturers has heated up against the background of the combination of a peripheral camera array on the part of Tesla and Chinese manufacturers, which has contributed to their profitability and technological prestige. This creates a sense of urgency among the other manufacturers. We anticipate that our SuperVision system will be a key growth engine for us from 2023 onwards.”
Posted in the categories: Automotive, profit reports, news, autonomous vehicle
Posted in tags: ADAS, Mobileye, Mobileye, autonomous vehicle
