Mobileye Global Q4 2024 Earnings Report

Mobileye Global EPS Results

• Actual EPS: $0.04
• Consensus EPS: $0.12
• Beat/Miss: Missed by -$0.08
• One Year Ago EPS: N/A

Mobileye Global Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $478.24 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Mobileye Global Announcement Details

• Quarter: Q4 2024
• Date: 1/30/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, January 30, 2025
• Conference Call Time: 8:00AM ET

Mobileye Global (NASDAQ:MBLY) develops and deploys advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions worldwide. The company operates through Mobileye and Other segments. It offers Driver Assist comprising ADAS and autonomous vehicle solutions that covers safety features, such as real-time detection of road users, geometry, semantics, and markings to provide safety alerts and emergency interventions; Cloud-Enhanced Driver Assist, a solution for drivers with interpretations of a scene in real-time; Mobileye SuperVision Lite, a navigation and assisted driving solution; and Mobileye SuperVision, an operational point-to-point assisted driving navigation solution on various road types and includes cloud-based enhancements, such as road experience management. The company also provides Mobileye Chauffeur, a first-generation solution for eyes-off/hands-off driving with a human driver still in the driver's seat; Mobileye Drive, a self-driving system comprising of radar and lidar subsystems, as well as collision avoidance systems, including Mobileye 8 Connect for light and medium-duty vehicles, and Mobileye Shield+ for large vehicles. It serves original equipment manufacturers. The company was founded in 1999 and is headquartered in Jerusalem, Israel. Mobileye Global Inc. operates as a subsidiary of Intel Overseas Funding Corporation.

Mobileye Global Q4 2024 Earnings Call Transcript

Key Takeaways

• Mobileye reported Q4 and FY24 results in line with expectations, with IQ volume up 10% YoY, a 21% operating margin (+500bps) and robust Operating cash flow of $400M despite inventory digestion.
• For FY25 the company gave conservative guidance of $1.75B in revenue (+6%) and $217M in adjusted operating income (+10%), assuming 32–34M IQ units, reduced supervision volumes, and cautious China forecasts.
• Mobileye continues to secure new ADAS and REM data harvesting contracts—including multimillion-unit deals with key global and Indian OEMs—while due diligence for advanced product design wins remains active.
• At its AI Day and CES, Mobileye highlighted its next-gen IQ6 chip and transformer networks that deliver up to 100× greater AI efficiency by focusing on purpose-built silicon and AI models rather than brute-force compute.
• OEM customers remain on track for Level 2+ and Level 4 deployments in the 2027 timeframe, with no meaningful shift toward in-house ADAS/AV development in Western markets and major RFQs now in late-stage negotiations.

Presentation

[Operator]

Greetings, and welcome to the Mobileye Fourth Quarter and Full Year twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. Dan Galf. Thank you, sir. You may begin.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you. Hello, everyone, and welcome to Mobileye's fourth quarter and full year twenty twenty four earnings conference call for the period ending Dec. 28, 2024. Please note that today's discussion contains forward looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially. Additionally, on this call, we will refer to both GAAP and non GAAP figures. A reconciliation of GAAP to non GAAP financial measures is provided in our posted earnings release. Joining us on the call today are Professor Amnon Shashua, Mobileye's CEO and President and Miran Shamash, Mobileye's CFO. Also joining today for the Q and A session is Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thanks. And now I'll turn the call over to Amnon.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Hello, everyone, and thanks for joining our earnings call. Starting with the results, was closely aligned with our expectations. IQ volume was a bit better than expected and was 9% was up 10% versus the The upside was largely related to higher than expected volume from Chinese domestic OEMs, who continue to order above the levels we talked about back in July 0. ASPs gross margin and operating expenses were aligned with our review at the beginning of the quarter. Operating margin of 21 was almost 5 points higher than Operating cash flow was robust in 2024, finishing up at $400,000,000 4 hundred million dollars That was flat compared to 2023 despite significant year over year revenue and earnings declines driven primarily by the previously disclosed inventory digestion period we experienced in the Operating cash flow was approximately double our non GAAP net income in 2024.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Will cover the guidance in more detail in a few minutes, but I will first set the stage. Bottom line is that if we use indications from our customers for the full year, our guidance would be higher. But we prefer to take conservative approach that accounts for the risk that uncertainties negatively affect earnings. Our top 10 customers were assuming global production volumes meaningfully worse than they assume than that assumed by third party forecasters. The Chinese OEMs forecasting remains difficult due to less visibility we received.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Volumes appear to have stabilized in the 2,000,000 plus annualized range in the higher than we had expected several months ago. But we're assuming a deterioration from that level simply to account for the low visibility. On supervision, we're assuming about half of the current run rate of end market demand for the vehicles we are on. On ZIKOR, we are electing to account for the risk that ZIKOR could choose to go with our in house system on ZIKOR nine, which is currently running at 2000 to 3000 units per month. We have no indication that this is planned, but we are unwilling to be surprised again.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

On Polestar, we are assuming volumes of Polestar four to remain at current levels despite their stated plans for further geographic expansion. Turning to seasonality. As a percentage of the midpoint of the full year revenue guidance, our assumption for revenue is 25% of the full year. Typically, it would be lower, so this gives us further confidence that the full year outlook is achievable even if macro conditions deteriorate somewhat. Turning to the commercial and new business side, we continue to win new ADAS business with our core customers at the same very high rate we have for years and are seeing good opportunities with some new customers.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

We recently won a multimillion unit REM data harvesting and cloud enhanced driving assist program from a very key customer, in parallel with continued due diligence for supervision. This deal strengthens our global data harvesting with another leading OEM with significant global volumes. This data plays a key role in our IQ6 generation AI stack. Additionally, we moved forward with an Indian OEM on REM data product side, we have the customer engagements in place to drive a steady cadence of announcements over the course of 2025, which is consistent with the messaging we delivered at the December Capital Markets Day. While our expectations for advanced product design wins remain intact, the exact timing of those announcements remain challenging to predict.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

The decision for an OEM on what path to take towards autonomy is very strategic, very long term decision, and this is why the due diligence process is so intense and takes a long. But it is clear that the customers believe in our approach and that the path to outstanding products run through a mobilized technology. In the past few months, we have revealed through our AI Day back in Oct. 0, the Capital Markets Day in Dec. 0 and the CES early this month, a lot of technological advancements underlying our stack.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

The common theme is efficiency of design efficiency in our silicon design, and we'll be reviewing very soon detailed benchmarks of IQ6 high versus competing high performance chips efficiency of our AI, for example, how to build a transformer network, which is a factor of 100 more efficient than the existing transformer architectures used by practitioners. This efficiency in design is also translated to the amount of resources, data and compute, which is required to train our AI stack. Efficiency in our mind matters and goes against the dogma of brute force development. Brute force development is a signature of our competitors as reflected by the massive investment in compute and data pipelines. Mobileye has a long tradition of excellence and efficiency.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Pre production vehicles powered by our IQ6 high stack showed promise for a substantial leap in performance and precision of our next generation supervision and chauffeur. More updates will come in the course of 2025 as we get ready for startup production during 2026. Thank you, and I will turn the call over to Moran.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

Thank you, Amlan, and thanks for joining the call, everyone. Before I begin, please be aware that all my comments on profitability will refer to non GAAP measurements. The primary exclusion in Mobileye's non GAAP numbers is amortization of intangible assets, which is mainly related to Indore's acquisition of Momillai in 2017. We also exclude stock based compensation as well as the goodwill impairment that occurred in Our results slightly exceeded the outlook implied by the full year guidance we provided back in Oct. 0, largely due to higher than expected volumes from Chinese OEMs.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

The trend was down 23% year over year. There isn't much insight to be gained from that comparison. As a portion of the meaningful inventory build off that impacted the occurred in will again be an apples to oranges year over year comparison given the inventory digestion that occurred in Beginning with the comparison will be more relevant. Gross margin was consistent with expectations and up slightly versus due to lower percentage of supervision revenue in versus Operating expenses were down somehow versus as expected. This is related to the initial impact of the LiDAR unit wind down, an increase in military reserve duty refunds, some adjustment based on the evaluation of accruals and other items that are largely timing related.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

Turning to guidance. We provided 2025 revenue and adjusted operating income guidance in today's earning release. At the midpoint, we expect $1,750,000,000,.00 of revenue and $2.17,000,000 dollars of adjusted operating income. This represents approximately 6% year over year revenue growth and more than 10% growth in adjusted operating income. The revenue guidance is based on IQ volumes in the range of 32000000 to 34000000 units.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

As Amnon mentioned, we are assuming the vast majority of supervision units this year are for postal form and expect overall volumes in the low 20000 units range at the midpoint, assuming no expansion into The U. S. I note that for the time being, we don't plan on express the addressing supervision volumes in the near term. Until we began launching this system on more products with Western OEMs in 2026, we don't expect it to be significant enough to call out and we won't set expectation low enough that any variances to downside are not material. On the IQ volume side, based on our analysis and information from Tier 1, we believe that customer inventories are currently at normal seasonal levels.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

To give you better insight on our guidance, we thought it will be helpful to provide a bridge from the annualized run rate of EUR 3,560,000,0.0 to the midpoint of our 2025 volume outlook of $33,000,000 which is somewhat below the indications we currently have from our customers. We don't plan to provide this level of detail on a quarterly basis, but think it is helpful as context for our initial 2025 outlook. First of all, some pull forward of volume into is typical given annual price changes and volume bands. We estimate this added about 500000.0 units annualized in and we are not assuming this occurs again in We assume 2025 overall production of our core OEM customers, which represent about half of industry volume, will be down almost 7 versus 2024 levels, similar to the decrease we saw in 2024 versus 2023. This is meaningfully lower and more conservative than IHS production of minus 4% and would account for about 2300000.0 units of reduction.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

Partly offsetting the assumed production decline, we do expect share gains and ADAS adoption growth from these customers to drive approximately 1500000.0 units of growth in 2025 or about 4 points of growth over market. These are not generic expectations, but rather relate to new programs and additional markets with specific OEMs. Regarding seasonality, second half production at our top customers is typically 2% higher than first half. This will represent almost 1000000 units annualized reductions versus the second half memory. Finally, regarding the China program, we are assuming approximately 500000.0 unit decline as compared to the second half run rate.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

This is to reflect the volatility we've seen over the last several quarters. Turning to gross margin in 2025, we are assuming about 1.5 points higher than 2024, primarily due to the lower percentage of supervision related revenue. In terms of operating expenses, we expect about $2.50,000,000 dollars per quarter during 2025 on average, which is consistent with our comments on the call where we said the run rate at the same time will be sustained to 2025. Versus that run rate, we will see savings from the wind down of the lighter unit. We expect this reduction to be offset by typical employee compensation inflation as well as our expected military reserve reinvestment.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

I'd remind you that headcount related expenses represent well above half of our OpEx. Other areas of growth such as AB testing and customer and cloud related expenses are largely offset by efficiencies within our data labeling activities as well as expected higher year over year engineering reimbursement on production program spending. In terms of we expect revenue to be down about 11% versus which reflects typical seasonality and a bit more than 80% growth year over year against the inventory digestion we experienced in Our revenue expectation for implies about 25% of the midpoint of our full year revenue guidance. We expect overall gross margin about 100 basis points higher than level and for adjusted operating expenses to be at or slightly lower than the $2.50,000,000 dollars per quarter I indicated earlier. Operating cash flow in 2024 was well above adjusted net income even after taking into account capital expenditure of SEK 81,000,000.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

Cash flow generation in 2024 was consistent with 2023 despite substantially lower adjusted operating income, reflecting strong management and controlled working capital in a variety of areas. Additionally, we anticipate continuing to reduce our strategic reserve of cheap inventory on our balance sheet in 2025, which should support another year of delivering operating cash flow above adjusted net income. Finally, we expect the full year effective tax rate to be approximately 20% similar to 2024. Thank you. And we will now take your questions.

[Operator]

Thank you. At this time, we'll be conducting a question and answer session. Our first question comes from the line of Shreyas Patel with Wolfe Research. Please proceed with your question.

[Shreyas Patil, Vice President - Equity Research at Wolfe Research, LLC]

Hey, thanks so much for taking the questions. Maybe just at a high level, as you're talking to legacy OEMs on adopting advanced automation like supervision, I'm just curious what kind of timelines they are considering for this kind of autonomy because, Amnon, you mentioned uncertainty by OEMs as it relates to making that decision. So are the legacy automakers still viewing this as a 2027 or 2028 kind of launch for real adoption, particularly in markets like North America and Europe?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I'll start and then maybe Nimrat would add. During 2024, we did a lot of buildup with the potential customers building and development vehicles with our stack, working with them on very extensive testing. And we believe all of that will bear fruit in 2025. Exact timing in 2025, it's difficult to pinpoint. But all the indications that all what we did in 2024 are going to bear fruit, both in supervision and in surround ADAS.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Surround ADAS is also a very interesting category that is being built right now. 2027 seems like still looks like the sweet spot in terms of introduction of these kinds of technologies. And the work of Tesla is really creating a sense of urgency with our OEMs. So we still believe that 2027 is really the right timing for introduction of these systems. And Ibro, do you have anything to add?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

I agree and support the majority of the RFQs that we have and the engagements that we have are addressing or aiming for 2027, '20 '20 08/00 timeframe. And especially for, I think, around ADAS, which is kind of a new category that has been picking up in the past year, I think that there is an even more expedited sense of urgency, let's say, due to also regulatory drivers, not just the competition. So that still remains intact and we did not see any shift in the timeline so far.

[Shreyas Patil, Vice President - Equity Research at Wolfe Research, LLC]

Okay, thanks. So maybe just on that point, because I think typically you've talked about OEMs would have to kind of secure a win maybe two to three years ahead of deployment. I know it's hard to pinpoint timelines, but just trying to get a sense of what of your confidence level on some of these awards, particularly the chart that you had provided at the Capital Markets Day, which showed a number of OEMs that seemed fairly closer to crossing the finish line. So just trying to get a sense of your confidence on those.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

And Matt, do you want to?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

Yes. So again, I think we've been maintaining steady progress in these engagements, and we kind of continue to do so. And as Amman said at his remarks, we cannot really predict the exact timings of decisions, but we maintain steady progress since the Capital Markets Day in these activities.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

We believe also that any startup production till if the nomination is within the next four, five months, we'll meet it, especially if we're talking about the carryover of what we're doing with the portion of the supervision. And there's also a possibility to introduce IQ7 in that timeframe as well.

[Shreyas Patil, Vice President - Equity Research at Wolfe Research, LLC]

Okay.

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

And just maybe to add 1 comment on this, if I may. I think what is also happening in parallel is that we continue to mature our next gen products within our programs with Volkswagen Group that do address or have a concrete plan to start the production in 2026 onwards. So our work in maturing the technology, the hardware, software, next gen AI technologies is continuing as planned. So it does give some added confidence also to our future opportunities that we can meet even shorter timeframes. If and when decisions are going to maybe take a little bit longer, they can maintain the same SOP plan and because Mobileye is continuing to improve and kind of mature its products in parallel.

[Shreyas Patil, Vice President - Equity Research at Wolfe Research, LLC]

Okay, great. And maybe just a quick 1, how do we think about gross margins for 2025? Thanks.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

Yes. I believe I mentioned that, so we expect a slight increase in gross margins of 1.5% as a result mainly of supervision being lower volume than 2024. But with AIQ, it's really flat within the year, so no issue with gross margin on 2025.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you, Shrey.

[Shreyas Patil, Vice President - Equity Research at Wolfe Research, LLC]

Okay. Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

I'll move to the next caller, please.

[Operator]

Thank you. Our next question comes from the line of Chris McNally with Evercore ISI. Please proceed with your question.

[Chris Mcnally, Head of Global Auto & Mobility Research at Evercore]

Thanks so much, team. Just maybe around the ADRQs, Amnon. I think 1 of the questions that we always get from investors is, if you were to lose these, what would be the reasons that you were to lose them? I kind of always think about 3 buckets. The first bucket being sort of timing or push out OEM just it's unclear which trims, which vehicles they want, they're constantly deciding and that changes year by year.

[Chris Mcnally, Head of Global Auto & Mobility Research at Evercore]

The sort of the second, which is very clear within the legacy OEMs is there's no action and they just decide to go with their basic level 2 and they pass on advanced solutions. And then obviously the third is sort of more mobilized losing, which would be an OEM decides to go to in house. So look, I don't want to hold you to percentages, but I'm just curious where you think the risk would be in those 3 buckets, timing, OEM taking no action or an in house solution? Thanks so much.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I think the third bucket in terms of in house development, we don't see a trend there. We don't see anything that is serious about the in house development of such advanced product. So it's mostly related to the first few buckets first two buckets, which is all about Powertrain. So sales of EVs were below expectations, so car companies are kind of going back to the design board and putting more emphasis on combustion engine models. So issues of powertrain, so that delays also driving assist or big driving assist decisions.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

But in terms of in house development, we don't see any significant traction there. Naimo, do you have anything to add?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

I think that it's a little bit hard for us to answer this question because we're not aware of all the behind the scenes considerations. So from our perspective, it's obvious that there is there are attempts in the market for in house development and GM recently talked about their plans and so on, so we are aware of those. I think for the kind of opportunities that we are now pursuing, it's a combination of these buckets that you mentioned that can play into this. Mostly the kind of the whether or not the OEMs are ready for such a product at this timeframe, what will we take from them and some perhaps more like a vehicle lineup considerations. Longer term, we cannot really predict what will be the outcome of these in house developments, but we can we've been working with customers that did have these attempts in the past and we did manage to build a very successful business in parallel because eventually we executed.

[Chris Mcnally, Head of Global Auto & Mobility Research at Evercore]

Very helpful. Just as a quick follow on, in Supervision, the launches you have in 2026 that are sort of known and the 27 ones that are in our queue, are they mostly or the majority, are they standard or take rate? Thanks so much.

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

So it's not decided yet, to be honest, and it's something that we're discussing with our OEM partners, different models of how to sell these products to consumers. There is a combination between standard fit and opt ins. So the more we'll have information on this as we move forward, we can we will share this, of course.

[Chris Mcnally, Head of Global Auto & Mobility Research at Evercore]

Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thanks, Chris.

[Operator]

Thank you. Our next question comes from the line of Joe Spak with UBS. Please proceed with your question.

[Joseph Spak, Managing Director at UBS Group]

Thanks everyone. Hamnon and Nimrod, I'm just curious again on the OEM conversations if price at all comes up, and if that's a pushback. And if so, I just wonder how you think about that, given like it seems like if you give a little bit there to gain a footing, it would seemingly make you stickier and perhaps more valuable to customers over time? And then I guess also on the conversations with your urgency comment, does that also mean that once if and when they do sign, they're also willing to move quicker to implement than they have historically?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Well, price is always a consideration, but I don't think that price right now is any impediment to make decisions. We are very optimized on price and we work with our customers to find the right solution. DeBart, anything you want to add?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

Yes. I don't think that we have lost a program on prices. I don't think it comes down to this at this stage. However and we are, we can say, aggressive and flexible relatively with our prices in negotiation. We don't want to make this a stepping stone.

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

So I don't think this is right now a kind of a challenge that we need to overcome. I think that the sense of urgency that you asked about is more about how much how many vehicles they can deploy such a systems on and so on. That is more a question of the OEMs plans and rollout plans. It's not just a question of they want to do this, but if they can you know, really accelerate execution and deployment in a larger scale of cars. This is something that we're working with them and we can we're not the bottleneck, let's say, for a broader expansion of vehicle integration.

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

We are very, very efficient and have 1 of our strengths actually is the execution side and being able to support multiple vehicle lineups, multiple vehicle architectures. So if and when this will become the chosen strategy, we can indeed support this.

[Joseph Spak, Managing Director at UBS Group]

Okay. And just as a second question, obviously, a lot of news in AI this week. And you guys have always talked about the efficiency of your development solution. But I'm just wondering, big picture, does any of the developments get you to reevaluate your own approach? Or do you have any views on whether the prevalence of open source foundational models can lower the barrier to entrance to others?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I think what we have seen with the DeepV3 and DeepSciCAR1 really aligns with the approach that Mobileye has been advocating for many years, is that you need to build a purpose built approach, which means efficiency. At the AI Day we had in Oct. 0, we built a transformer architecture that we built, which is 100 times more efficient in terms of runtime and then compute than any standard transformer because it's purpose built for the task of autonomous driving. So everything we do in terms of the silicon design, if you look at the area, the area of our IQ6 is one fourth of the silicon area of our competing chips. We will provide in the next couple of weeks significant benchmarks that we have been doing with the leading high performance Konkke chips.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

And IQ6 is exceeding in terms of major KPIs like running both conventional net and transformers, all the chips that we have benchmarked against. So efficiency is really the hallmark of what Mobileye is doing. And what Deepsea has shown is that now if you innovate in engineering, there was nothing there scientifically new that our community did not know about. But the fact that they created a very tight flow of training in terms of making use of memory bandwidth, making use of efficient reinforcement learning like GRPO instead of BPO, working with quantized precision, FP8. They were really made and they even wrote assembly language to bypass all sorts of CUDA bottlenecks that they had there.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So if you are really purpose built and you want to be efficient, you can gain a lot. And this is what Mobileye has been advocating for many years. So this is exactly aligned with our approach.

[Joseph Spak, Managing Director at UBS Group]

Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you, Joe.

[Operator]

Thank you. Our next question comes from the line of Dan Levy with Barclays. Please proceed with your question.

[Dan Levy, Senior Equity Research Analyst at Barclays]

Hi. Thank you for taking the questions. First, I wanted to ask a question on the guide for '25 and specifically on the IQ shipping guide. Maybe you could just talk about the extent to which launch activity is factored into that guide. What extent is that based on launches?

[Dan Levy, Senior Equity Research Analyst at Barclays]

I think what we saw in the past was that although you're powertrain agnostic, it's typically EVs that are taking on more advanced content and you saw some slowdown in EV activity. So maybe you could talk about the extent which launch activity factored into the guide?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I'll start by saying that maybe Murad can add and Murad that we took a very conservative approach with guidance. If we would have taken the numbers we received from our Tier 1s and OEMs, the guidance would have been much, much closer to consensus than what we did. We took the conservative approach because we don't want to reguide during 2025. We don't want to risk that. And our guidance includes new launches as well. And, Nivwad, do you want to add something?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

Yes, I think the mix of new launches versus kind of carryover programs is normal this year.

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

It's not a there is no higher or lower percentages of new product launches versus carryovers. So it's pretty consistent with what we have been facing in the past few years.

[Dan Levy, Senior Equity Research Analyst at Barclays]

And those new launches are that's sorry, go ahead.

[Moran Shemesh Rojansky, Acting Chief Financial Officer at Mobileye Global]

I just wanted to say that on the new launches and our market share that has offset some of the production reduction or volume reduction. This happened also in 2024. So it's just an expectation for 2025. In terms of market share, we did above market also in 2024. It's just that our customers went down top down customers just went down like 6% or 7% from 2023 to 2024, but or there was definitely some offset to that.

[Dan Levy, Senior Equity Research Analyst at Barclays]

Understood. Thank you. Maybe we can then just follow-up on China. And if we could just mark where you are now, I think based on the disclosure you're giving, you're assuming something like million units from the domestic OEM, something like 5000000 from the multinationals in China. The volume outlook and where do you stand now on resource allocation and efforts in China, especially amongst the domestics and taking into account maybe some of the challenges that you went through in China in 2024?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

Yes. I'll maybe address this and Armin and Mauryn can add. So we have been our volumes in China next year for IQ is growing compared to 2024, and we're close to 2000000 units for the COEMs, Chinese OEMs. What we are finding is there is that we have some good level of stability with the Chinese OEMs that have significant export volumes and they are willing to they're willing and they're very much keen in partnering with Mobileye as a global proven solution that has proven performance and maybe the risk of potential technology restrictions in some Western markets is of course lower than adopting a Chinese solution. So that has really helped us in kind of maintaining and solidifying our position with our core customers and expanding our position with our core customers, Chinese customers. We have been optimizing mildly our investment in China. We still have a strong team there that supports all of the local R and D needs that maintain full compliance with the local restrictions and regulation for data and so on. So just we're maintaining kind of a very tight investment compared to the business in China.

[Dan Levy, Senior Equity Research Analyst at Barclays]

Okay. Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

I wanted to follow-up. This is Dan. So just to answer your question about kind of where we stand, last year we did about 5000000 units with the kind of non Chinese OEMs in China and somewhere in around the 1500000.0 units with the Chinese OEMs. 1 of the main reasons why our kind of assumptions are deviating from IHS is the kind of the global OEMs in China were down 17%, eighteen % last year. And now the assumption is they're down kind of in the kind of mid single digits or high single digits.

[Dan Galves, Chief Communications Officer at Mobileye Global]

We were taking the kind of the view that it could be worse. And if it's worse, we don't want to have to re guide like Amnon said. So a significant reduction in kind of non Chinese OEMs within China is baked into our forecast. In terms of the Chinese OEMs like Nimrod mentioned, the volumes were encouraging in the They ran at kind of well above a 2000000 unit run rate in the second half, which was quite a bit above where we thought that they would be back in July 0, I think for the reasons that Nimrod went through. We were not seeing any kind of change to that, but we're assuming that we have about $50,000,0.0 deterioration versus kind of where we were in the second half really just to be safe and due to the lack of visibility.

[Dan Galves, Chief Communications Officer at Mobileye Global]

So hopefully that helps to kind of size the China business right now.

[Dan Levy, Senior Equity Research Analyst at Barclays]

Thank you. That's helpful.

[Operator]

Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you. Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you. Thank you. Thank you. Thank you. Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you. Thank you. Thank you. Thank you. Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you

[Operator]

comes from

[Adam Jones, Transfer of Assets Associate at Morgan Stanley]

the line of significant in house development from OEMs. You don't see that as a real trend. I'm just curious then the ZEAKER 9 example of moving in house, is that you see that as kind of a 1 off limited to China? And I'm curious how you view NVIDIA Cosmos, even if it's not a direct competitor, are they offering tools that could help encourage and maybe accelerate in house development from your OEMs that maybe you haven't seen yet? And then I have a follow-up.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I think Cosmos is not directly related to empowerment and enablement. There is a big difference between supporting humanoid robotics and supporting autonomous cars. With humanoid robotics, every robot is built differently, actuators are placed differently. And if you just train on real data, you'll not be able to generalize among robotic platforms. So relying on simulators is crucial.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

For example, in my other company, METE Robotics, we build foundation models just on simulated environments and we use a lot of NVIDIA tools. In autonomous driving, both are structured and you want to rely on real world data in order to not create distribution shifts. You do use simulations for edge cases, but you don't build your entire stack on simulators. So I don't think that that would be a major enablement. Zinc or nine or whatever is going in China, I think is separate from what's going in the Western economies.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So when I mentioned about in house development, I was referring to the Western world.

[Adam Jones, Transfer of Assets Associate at Morgan Stanley]

Okay. Thanks for that. And just as a follow-up and you alluded to it, humanoid robots have been getting a ton of attention lately from Tesla's efforts or other OEMs and tech firms. Your Chairman and Co Founder of Menti as you mentioned. So I'm really interested in how you think about the adjacent market opportunity for mobile for Mobileye's computer vision technologies and expertise in other markets?

[Adam Jones, Transfer of Assets Associate at Morgan Stanley]

Because you said Mobileye is not the bottleneck. Your industry that you serve, the auto industry, predominantly the legacy auto industry, the vast majority of it, there may be scenarios where they're just not ready. They're the bottleneck and that if you anchor all of your talent and IP to that slow moving part that could put your company at risk. So I'm curious how are you viewing, how do you see the surface area between your computer vision tech and aviation and drones, humanoids? Are these projects that Mobileye are currently exploring right now?

[Adam Jones, Transfer of Assets Associate at Morgan Stanley]

And if so, at what stage, at what point could that be material? Thanks.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I think Janssen and his CS talk refer to AI in the real world as physical AI. And there are a lot of synergies. And at Mobileye, we are now studying this. We're not in any mature place in which we can make decisions, but we are definitely studying in-depth synergies between our stack and outside of automotive, but it's really early stages.

[Adam Jones, Transfer of Assets Associate at Morgan Stanley]

Got you, Adam. Thanks.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you, Adam.

[Operator]

Thank you. Our next question comes from the line of Colin Rusch with Oppenheimer and Company. Please proceed with your question.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Thanks so much, guys. Can you speak to the cadence of change of incentives within the reinforcement learning platform and any potential strategies for utilizing elements of any of the emerging archetypal models or portions of some of these foundation models that are starting to come to market?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Reinforcement learning is becoming a very critical tool in building foundation models, and we use a lot of reinforcement learning in our AI stack as well. The reason you want to use reinforcement learning is when you build a probabilistic engine, right? So the next token prediction you have in pre training is a probabilistic engine. There's no concept of correct and incorrect. With reinforcement learning, through adding a reward function, you are adding the notion of correctness.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So you need this when you are building useful foundation models and you need this also when you are building outputs that are relevant to autonomous driving because correctness is talking about precision, right? You want to be precise and not just be probabilistic. So reinforcement learning is the crucial element, and there's also lots of innovation and reinforcement learning. What DeepSeq has done, they use kind of a simple reinforcement learning approach called GRPO, which allowed them not to use a critic, not to use complicated reward functions and use only outcome rewards instead of process modeling, process rewards. And the fact that it works so well is very, very nice.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

And we're also looking at it, instead of using PPO or DPO to use this GRPO. But it's a small thing. Once you understand that it could be useful, you simply add it to your stack and experiment with it and we're doing this all the time.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Super helpful. Thanks guys. And then just from a sensing perspective, you talked a lot about the evolution of your imaging radar technology, but can you talk a little bit about what you're seeing in terms of sensor fusion and the ability to integrate some of the sensor data in a more efficient way to streamline the overall system and how that will develop over the next twelve to twenty four months?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

We see imaging radar as a game changing sensor. And we see now a lot of acceptance from OEMs to include the imaging radar into Schofhor platform. And we'll have more to say about it during 2025, but it's really a game changing sensor.

[Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.]

Thanks so much, guys.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thanks, Collyn.

[Operator]

Thank you. Our next question comes from the line of Mark Delaney with Goldman Sachs. Please proceed with your question.

[Mark Delaney, Stock Analyst at Goldman Sachs]

Yes. Thank you very much for taking my questions. So maybe you could share an update on how Mobile iDrive technology is progressing for robo taxis and the timing of when you think there will be AVs on roads for commercial operation, not only in Germany, but I think VW had planned to launch in Texas using Mobile iDrive.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So our activity with the Mobile iDrive are with the lead customer is the false target ID Buzz. We have also additional activity with the Holon and router, which is now starting paid with Safety Driver paid drives in Oslo. We have an additional with the Bentler, additional activity with the Holland platform. We're working with additional opportunities and it's all targeting '20 '20 07/00. So throughout 2025, we're replacing the compute hardware, IQ5 base to IQ6.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

That's a DRIVE 64. The imaging radars are already inserted and working on this platform by using the Innovies LIDARs there. We finished training all the networks for those sensors. And by we should be at the right mean time between failure to start experimenting with removing the library. But the SOP is at end of 2026, '20 '20 07/00 for removing the driver.

[Mark Delaney, Stock Analyst at Goldman Sachs]

Thanks for that, Amna.

[Dan Galves, Chief Communications Officer at Mobileye Global]

And you should see milestones occur over the course of 2025. The first milestones are closed user group testing where you're taking actual members of the public and the systems, commercial launch in terms of starting to charge those customers. This is all kind of in the near term during 2025. So expect to hear more about this.

[Mark Delaney, Stock Analyst at Goldman Sachs]

Thanks for that, Dan. My second question was just following up some of the earlier commentary around the RFI and RFQ pipeline. And at the Capital Markets Day in Dec. 0, there were 5 OEMs in the negotiation or due diligence phase for supervision, another 3 of those more advanced stages of evaluation for Cerro Data. You said today you're continuing to make progress on that pipeline, but could you clarify if any of those opportunities are no longer available to you or have meaningfully pushed out?

[Mark Delaney, Stock Analyst at Goldman Sachs]

And especially in Japan with some of the major OEMs there announcing M and A or plans to work with some other ship vendors, at least for full AVs. I'm hoping to get a bit clearer of an update on where some of those opportunities stand. Thank you.

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

There hasn't been a change has not been a change negatively in these opportunities so far. So there is no one that it dropped.

[Mark Delaney, Stock Analyst at Goldman Sachs]

Thank you.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thanks, Mark.

[Operator]

Thank you. Our next question comes from the line of George Gianarcos with Canaccord Genuity. Please proceed with your questions.

[George Gianarikas, Managing Director and Senior Analyst at Canaccord Genuity Group]

Hi, everyone. Thank you for taking my questions. I'd like to ask also about the bake offs that you're in with the OEMs. You talked about the in house development, but could you also maybe discuss what you're seeing from other alternatives, whether it's emerging competitors like Wave, Waymo has made some noise about trying to sell to OEMs, Tesla. How often are you seeing them in your discussions as well? Thank you.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

We do not see in those discussions real competition outside of in house development. All those that you mentioned, we don't see them in competition. I think that those are demo vehicles and could be relevant for the end of the decade, maybe production, but still a long way to go. So if an OEM is interested in 2027 and 2028 timeframe for a supervision or chauffeur, then the best path to get there is Mobileye.

[George Gianarikas, Managing Director and Senior Analyst at Canaccord Genuity Group]

Thank you. And maybe as a follow-up, but just curious as to what your collective thoughts are on Tesla's FSD version 13.2 and any progress you think they've made? Thanks a lot.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

We have been test driving the Test Life SD version 13. We have strong conviction that our IQ 6 platform will greatly exceed whatever we experience with the FSD Version 13. And I would like to note that really the holy grail that we're pursuing is not just a good driving experience. We are pursuing very high precision, high precision meaning that we can perform an eyes off driving experience like with Chauffeur. So there is way more to address than just the driving experience is how do you reach a very high mean time between failure.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

And the mean time between failure that exists today is around ten hours, even with the best systems like the FSD version 13 and reach tens of thousands of hours. So this is really the holy grail, and we believe we can reach this with our IQ6 platform.

[George Gianarikas, Managing Director and Senior Analyst at Canaccord Genuity Group]

Thanks.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you, George.

[Operator]

Thank you. Our next question comes from the line of Edison Yu with Deutsche Bank. Please proceed with your question.

[Edison Yu, Analyst at Deutsche Bank]

Hi. Thank you for taking our questions. First off, just want to come back to kind of the AI DeepSeek developments. Would there be anything you would call out that you found maybe interesting in terms of their approach and what they did? I know you highlighted a couple of things earlier, but it seems to be this kind of I think read through that some of the companies in The States are going to apply some learnings from that.

[Edison Yu, Analyst at Deutsche Bank]

Do you get any sense that you would do something like that or you would kind of modify anything you do right now differently?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I think when we're talking about the stack of autonomous driving, what was interesting there is the use of GRPO instead in the reinforcement learning stack instead of PPO and DPO and we're looking into it. It was very interesting. But I think that this is a very small thing. Their achievement is being able to develop a very tight flow, very tight training flow, taking into account every small bit of memory bandwidth and processing of the available chips that they have and reach a very low cost training. Whether that is $560,000,0.0 or $15,000,000 I don't know.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

But when you read our technical report, you see a lot of engineering innovation. So I think that is real. And what we take out of it, which is relevant to us, is really the use of GRPO and the Reinforcement Learning stack.

[Edison Yu, Analyst at Deutsche Bank]

Thank you. That's really interesting. Second one on the I know there was a Lyft partnership announced and back in Nov. 0 and I think you've mentioned several times there's this urgency from a lot of OEMs. I'm wondering, are you getting any increased urgency from kind of the mobile operators or ride hail operators, whether it's Lyft or other parts of the world to try to take the robo taxi deployed faster because of what Tesla is doing, because of what Waymo is doing?

[Edison Yu, Analyst at Deutsche Bank]

If there is more urgency, could we get kind of accelerated discussions along with that?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

Yes. We do sense urgency to come up with announcements on robotaxis, but we need to align all the partners together. It's not just the operator, we need also the vehicle platform to be aligned. So this is fully aligned with the ID Buzz and with the other 2 opportunities we have. And we're building now a fourth opportunity, which also will be meaningful.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So I do see kind of a revival of the robotaxi opportunity, mostly due to the success of Waymo. And we see indications from the market in terms of partners, whether it's operators, vehicle platform builders who would like to play a more meaningful be a more meaningful actor in this emerging market.

[Edison Yu, Analyst at Deutsche Bank]

Thank you very much.

[Operator]

Thank you. Our next question comes from the line of Antoine Cherkalbain with New Street Research. Please proceed with your question.

[Antoine Chkaiban, Equity Research Analyst - Technology Infrastructure at New Street Research]

Hi, good afternoon. Thank you for taking my questions. I have a question on your current supervision design wins. So can you maybe tell us about your collaboration efforts with Polestar, Volvo and Volkswagen? How are the relationships going?

[Antoine Chkaiban, Equity Research Analyst - Technology Infrastructure at New Street Research]

Any interesting development over the last ninety days? And how should we expand the opportunity with those customers?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I think our first generation supervision, in terms of development, we are kind of in the low of marginal returns. We have been adding automated parking to the stack and recently launched it in China and will continue to develop it further. But in terms of improving that stack, we reached the point in which our focus is on the IQ6 platform. We are doing a complete software rewrite on the IQ6 platform to make better use of the benefit that we have from the IQ6. The 10 times the more compute that we have requires some software where we write.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So all our focus is now on the IQ6. And throughout the 2025, we'll be able we have already preproduction vehicles with IQ6 already doing testing, on road testing in Germany. And throughout the 2025, we'll be able to show significant improvement on supervision performance with IQ6.

[Antoine Chkaiban, Equity Research Analyst - Technology Infrastructure at New Street Research]

Thanks. And maybe as a follow-up, so you presented that the CMZ, the DXP framework to enable OEMs to code and control elements in the system affecting the driving experience. I'm wondering what feedback you're getting on DXP from your current engagements and potential additional design

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

wins? So in our activity with the supervision, DXP is in full use. So it's a very important stack as part of the development stack that we have with OEMs.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thanks, Antoine. Operator, the next question will be our last question.

[Operator]

Thank you. Our final question comes from the line of Tom Narayan with RBC Capital Markets. Please proceed with your question.

[Tom Narayan, Lead Equity Analyst at RBC Capital Markets]

Hi. Thanks for taking the questions. So my first one is just a quick follow-up on, I think Shreyas' question on the famous slides from the Investor Day. Just wanted to clarify the 2 OEMs, 1 for supervision and the other for surrounding that are close to nomination. I heard something like was that like instead of being two or three months away that still you still believe that will happen in 2025.

[Tom Narayan, Lead Equity Analyst at RBC Capital Markets]

Is that correct? Or should we just assume let's not put strict timelines associated with this from now on? Is that kind of the change in the way to think about it?

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

I don't think that there is any change. The surround ADOS is really imminent, but we don't want to start pinpointing which week or which month of 2025 this is going to be nominated. But all the indications are that we're at the end of the process of nomination. With the supervision, the same. All the activity we did in 2024 is bearing fruit, and things should start playing out within the next few months, within 2025.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So nothing has changed that would change our whatever we presented at the Capital Market Day. DeBrog, do you have anything to add there?

[Nimrod Nehushtan, Executive VP of Business Development & Strategy at Mobileye Global]

We just don't want to be driven by kind of exact time. So nothing's changed on kind of our expectation for where we stand with different OEMs.

[Tom Narayan, Lead Equity Analyst at RBC Capital Markets]

Yes.

[Tom Narayan, Lead Equity Analyst at RBC Capital Markets]

Okay, cool. And my follow-up, I appreciate the comments on when you compare to what the other OEMs are doing, what maybe some other Tier 1s are doing that with the mobilized product that there's just a focus on precision and especially as it relates to eyes off. But I guess my question is as it relates to the level 2 plus and maybe some level 3, I mean you have obviously GM this week saying they're going to double their Super Cruise adoption this year, Tesla with their unsupervised FSD launch in Austin in June 0, demoed a level 2 plus camera and radar at CES, that's pretty comparable to FSD. And then Mercedes increased their speed to 95 kilometers an hour up from their level 3 from 60. I know these products are probably still not up to snuff, right, where you guys are or where you want to be.

[Tom Narayan, Lead Equity Analyst at RBC Capital Markets]

But just wondering if there's a risk at the transition to get to EyesOff where these products might just be sufficient for where the consumer demand is. Is that a risk you see or do you not are you not concerned about that? Thanks.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

It's not a risk because we're doing both, right? We're building supervision, which is not an eyes off system And we're building a chauffeur at the same time. So for example, with Porsche, we're building supervision. And with Audi, we're building a chauffeur. So it's all going simultaneously.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

We believe in the great value of an eyes off, but regardless of our belief, we're also promoting very, very strongly supervision, which is an eyes on system. So if an eyes on system is what the market would think is good enough, it's fine, right? We believe that there's a great value in an eyes off system. This is why we're pursuing that as well. And we're simply both.

[Amnon Shashua, President and Chief Executive Officer at Mobileye Global]

So there's no risk here. It's not that we are betting on an eyes off and not doing an L2 plus system. System.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thank you, Tom.

[Operator]

Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Galves for any final comments.

[Dan Galves, Chief Communications Officer at Mobileye Global]

Thanks a lot for everyone's time and we will talk to you on our next earnings call in April 0. Thank you.

[Operator]

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

Participants

Executives

• Dan Galves, Chief Communications Officer
• Amnon Shashua, President and Chief Executive Officer
• Moran Shemesh Rojansky, Acting Chief Financial Officer
• Nimrod Nehushtan, Executive VP of Business Development & Strategy

Analysts

• Shreyas Patil, Vice President - Equity Research at Wolfe Research, LLC
• Chris Mcnally, Head of Global Auto & Mobility Research at Evercore
• Joseph Spak, Managing Director at UBS Group
• Dan Levy, Senior Equity Research Analyst at Barclays
• Adam Jones, Transfer of Assets Associate at Morgan Stanley
• Colin Rusch, Managing Director - Head of Sustainable Growth & Resource Optimization Research at Oppenheimer & Co. Inc.
• Mark Delaney, Stock Analyst at Goldman Sachs
• George Gianarikas, Managing Director and Senior Analyst at Canaccord Genuity Group
• Edison Yu, Analyst at Deutsche Bank
• Antoine Chkaiban, Equity Research Analyst - Technology Infrastructure at New Street Research
• Tom Narayan, Lead Equity Analyst at RBC Capital Markets