 "Mobileye agrees to supply ADAS tech to M&M as it eyes growth in India")
By Ed Ludlow
Mobileye Global Inc. will supply advanced driver assistance technology for Mahindra & Mahindra Ltd.’s next-generation vehicles as it eyes growth in India’s auto market.
The companies will also work together on a fully autonomous driving system for India, Mobileye said in a statement Tuesday at the Consumer Electronics Show in Las Vegas. Financial terms weren’t disclosed.
Jerusalem, Israel-based Mobileye makes chips and systems for advanced driver assistance technology in cars and lower levels of autonomous driving. The company is Israel’s most valuable publicly traded company by market capitalization.
India’s notoriously dangerous roads could become safer with advanced driver assistance technology. The country has the world’s deadliest roads with crashes killing and disabling over 900,000 people every year and costing India $156 billion, according to the World Bank.
Advanced driver assistance technology however isn’t widely adopted in India yet and is largely limited to premium cars, putting it out of reach for the country’s price-sensitive buyers.
Also Read
Mahindra, one of the biggest sport utility vehicles-makers in the South Asian nation, first introduced Mobileye’s driver assistance features on the XUV7OO SUV in 2021. Tata Motors Ltd. is the only other domestic carmaker that sells vehicles with that technology in the market.
Mobileye’s shares dropped the most on record on Jan. 4 after the company gave a sales outlook for 2024 significantly below Wall Street expectations. Mobileye also forecast a decline in sales of 50% year-on-year in the current first quarter as customers and automakers work through a backlog of ADAS chips and have stopped placing orders.