Israeli self driving car co Mobileye teams with Nissan

Mobileye founder Amnon Shashua

Mobileye already has agreements to incorporate its digital map technology into Volkswagen and General Motors vehicles.

Israeli autonomous driving technology developer Mobileye N.V.(NYSE: MBLY) has signed a Memorandum of Understanding with Nissan aimed to integrate Mobileye's new Road Experience Management digital maps technology into the Japanese automaker's fleets. Nissan is the third large automaker to have partnered with Mobileye to integrate its new digital maps technology after General Motors and Volkswagen.

Mobileye co-founder, chairman and CTO Prof. Amnon Shashua said, "Adding Nissan and Renault as part of the Renault-Nissan alliance, as a REM technology customer is another important step in the creation of a continuously updated high-definition data for drivable paths with precise-localization that will meet the requirement for full redundancy to enable safe autonomous driving including city autonomous driving. Renault-Nissan alliance is one of the largest global automakers and a sizable OEM customer of Mobileye in both ADAS and autonomous driving. We view the endorsement of three of the world's largest global automakers as an acknowledgement of the importance of our innovative proprietary REM technology for autonomous driving."

Mobileye REM technology provides real-time data for precise localization and high-definition lane data that forms an important layer of information to support fully autonomous driving. The technology is based on software running on Mobileye's EyeQ processing platforms that extracts landmarks and roadway information at extremely low bandwidths, approximately 10kb per kilometer of driving.

Mobileye has also announced its fourth quarter and full year 2015 results. Fourth quarter revenue was $71.8 million, up 81% year-over-year and full year revenue was $240.9 million, up 68% year-over-year. Non-GAAP net profit for the fourth quarter was $36.6 million ($0.15 per share) and for the full year was $113.4 million up 129% per share to $0.48 earnings per share.

Published by Globes [online], Israel business news - - on February 24, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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Mobileye founder Amnon Shashua
Mobileye founder Amnon Shashua
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