Mobileye, Delphi to develop self-driving system
- Health, energy stocks hit Wall St, Microsoft lifts Nasdaq
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
- General Electric (GE) Tops Q3 EPS by 2c; Updates FY16 EPS Outlook
A device, part of the Mobileye driving assist system, is seen on the dashboard of a vehicle during a demonstration for the media in Jerusalem October 24, 2012. REUTERS/Baz Ratner
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
(Reuters) - Israeli driving assistant software maker Mobileye NV said on Tuesday it was developing a self-driving system with Delphi Automotive Plc that will be ready for production by 2019.
Mobileye had cut its ties with Tesla Motors Inc last month after the electric carmaker's autopilot system faced scrutiny from regulators following a fatal accident in early May.
Tesla's autopilot system uses EyeQ chips from Mobileye to help with image analysis for steering and staying in lanes.
Mobileye and Delphi said their technology would cater to automakers that may not necessarily want to develop their own self-driving systems.
Automakers and technology firms are striking new alliances to commercialize self-driving cars after being caught off guard by Silicon Valley companies such as Alphabet Inc, Tesla Motors Inc and Apple Inc, which have invested millions of dollars in the technology.
Last week, Swedish automaker Volvo AB agreed to a $300 million alliance with ride-hailing service Uber to develop self-driving cars.
Ford Motor Co also said in the same week that it plans to offer a fully automated driverless vehicle for commercial ride-sharing in 2021.
Delphi and Mobileye said they will demonstrate their autonomous driving system in urban and highway driving at the Consumer Electronics Show in Las Vegas in 2017.
Mobileye's U.S.-listed shares were up 4.7 percent at $48.75 in premarket trading, while Delphi's shares rose 3.9 percent to $67.62.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla (TSLA)/SolarCity (SCTY) Deal Spread Lowest Since Late August
- Burkina Faso forces foiled coup attempt in early October, minister says
- South Africa graft agency will not oppose Zuma bid to delay Gupta report: eNCA TV
Create E-mail Alert Related CategoriesReuters
Related EntitiesTesla, CES
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!