Intel Corp has revealed that it plans to take its self-driving-car unit Mobileye public in the United States in mid-2022.
Reuters says the deal could value the Israeli unit at more than $50 billion.
Intel expects to retain Mobileye’s executive team and hold on to a majority ownership in the unit after the initial public offering (IPO) of newly issued Mobileye stock, Reuters adds.
Intel bought Mobileye for $15.3 billion in 2017, putting it into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems for global automakers.
Mobileye plans to eventually build its own “lidar” sensor to help its cars map out a three-dimensional view of the road and is using lidar units from Luminar Technologies on its initial robotaxis in the meantime.