Mobileye shares plunge after self-driving tech company cuts guidance amid Tesla's EV price war
Publishing timestamp: 2023-04-27 16:01:38
Summary
Mobileye has cut its full-year forecast due to weakness in China's electric vehicle market, which has been affected by Tesla's aggressive price cuts and reduction in government incentives. Mobileye's newest and most advanced driver-assist system, SuperVision, has suffered due to this, as several Chinese EV makers who are key early customers have been affected. However, the CEO expects things to improve later in the year as more automakers outside of China, including Polestar, begin shipping vehicles with SuperVision. Mobileye now expects lower revenue and wider operating loss in 2023.
Sentiment: NEGATIVE
Tickers: TSLA, MBLY, PSNY, NIO, INTC,
Keywords: polestar, tesla inc, transportation, geely automobile holdings ltd, nio inc, china, intel corp, business, markets, climate, mobileye global inc, technology, electric vehicles, business news,
Source: https://www.cnbc.com/2023/04/27/mobileye-cuts-guidance-amid-teslas-ev-price-war.html