(Reuters) -Autonomous driving tech firm Mobileye Global beat analysts’ estimates for quarterly revenue on Thursday, boosted by strong demand for its driver-assistance technology from automakers.
The company, which counts BMW, Nissan and Volkswagen among its customers, benefited from strong demand for its technology in North America and Europe, which helped offset weakness in China.
Analysts say that while shipments in 2023-2024 will be primarily driven by Geely-owned Zeekr, Mobileye’s ongoing pipeline expansion could serve as a positive catalyst.
Israel-based Mobileye reported second-quarter revenue of $454.0 million, compared with analysts’ estimates of $450.6 million, according to data from Refinitiv.
Mobileye’s U.S.-listed shares rose 2% in premarket trading.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta)
