According to CEO Pat Gelsinger, Intel Corporation intends to use the funds raised by Mobileye’s initial public offering (IPO) to fund more chip factories. The company announced its intention to list the Israeli company in New York.
Gelsinger said in a conference call overnight that the company will retain a majority stake in the self-driving car subsidiary, and Intel will receive “most of the proceeds” from the IPO. This will help the group’s plan to “actively build plants”.
According to reports, Intel plans to establish two new sites, one in Arizona in the United States and one in Europe.
Chip shortages have affected several companies and industries this year, and electronics companies such as Sony and Apple, as well as automakers such as Tesla and Volkswagen, have had to slow down or suspend production.
Intel announced that it intends to list its autonomous driving division in New York in 2022. Mobileye was acquired by Intel for USD 15 billion in 2017, and according to reports, its current value is more than three times its value.
