Mobileye (MBLY) Drops to Session Lows as Ford (F) Plans Autonomous Fleet, Invests in Technology

August 16, 2016 2:20 PM EDT

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Mobileye (NYSE: MBLY) shares have dropped to session lows as Ford (NYSE: F) affirmed making an investment in Velodyne.

This afternoon, Ford said that it "has invested in Velodyne, the Silicon Valley-based leader in light detection and ranging (LiDAR) sensors. The aim is to quickly mass-produce a more affordable automotive LiDAR sensor. Ford has a longstanding relationship with Velodyne, and was among the first to use LiDAR for both high-resolution mapping and autonomous driving beginning more than 10 years ago."

Mobileye is down 2 percent.

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