Mobileye Global Q2 2025 Earnings Call Transcript

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Provided by Quartr
July 24, 2025

Key Takeaways

  • Positive Sentiment: Q2 revenue rose 15% year-over-year with adjusted operating income up 34% and operating margin at 21%, supported by over $200 million in quarterly operating cash flow and a raised full-year revenue outlook.
  • Positive Sentiment: The IQ6 Lite chip has ramped seamlessly just one year after SOP and is now deployed across North America, Europe, China, Japan and India as the future high-volume ADAS solution.
  • Neutral Sentiment: Mobileye’s four advanced product lines—ADAS, Supervision, Chauffeur and Drive—share a common AI and hardware backbone, creating OEM-neutral, scalable platforms for both consumer and robotaxi applications.
  • Positive Sentiment: Strategic partnerships with Volkswagen, Moya, Marubeni, Uber and Lyft, combined with proprietary safety models (RSS, PGF) and REM-based mapping, position Mobileye to launch driverless Robotaxi services in 2026.
  • Neutral Sentiment: Customer inventories remain closely aligned with underlying demand, and although visibility into Q4 is limited, the company maintains a cautious guidance stance despite reporting no tangible macro headwinds.
AI Generated. May Contain Errors.
Earnings Conference Call
Mobileye Global Q2 2025
00:00 / 00:00

Transcript Sections

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Operator

Greetings, and welcome to the Mobileye Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Galtz, Chief Communications Officer. Thank you. Mr. Galtz, you may begin.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thanks, Maria. Hello, everyone, and welcome to Mobilize Second Quarter twenty twenty five Earnings Conference Call for the period ending 06/28/2025. 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. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

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 Anand Shashua, Mobileye's CEO and President and Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy. Unfortunately, our CFO, Mehran Shemesh, recently experienced the death in her family and will not be joining the call today. I'm sure everyone listening joins me in wishing the best to Mehran and her family.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

For today's earnings call, I will essentially take on Mehran's role. Thanks. And now I'll turn the call over to Amnon.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Hello everyone and thanks for joining our earnings call. Starting with the results, Q2 revenue was up 15% year over year as demand for the IQ was strong across regions and OEMs. Adjusted operating income was up 34% and adjusted operating margin rose three points to 21. Q2 was a good display of the strong operating leverage created by our business model. On a year over year basis, more than 40% of the revenue growth converted to operating income Compared to Q1, nearly 70% of the higher revenue dropped to operating income.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Operating cash flow was again a highlight, over $200,000,000 for the quarter and over $300,000,000 for the first half, about 33% of revenue. Our ADAS business is highly cash generative, and we are maintaining strong working capital discipline. The core ADAS business is performing well with volumes at or above $8,500,000 per quarter for the last four periods, and we are raising our full year revenue outlook by 4% and our adjusted operating income outlook by 14% at the midpoint. Our core ADAS business truly illustrates that Mobilize an execution machine. IQ six Lite will be the future high volume chip for this segment, and the ramp up of that new system has been seamless.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Only one year after the first SOP, we already have IQ six Lite based systems on the road in North America, Europe, China, Japan and India. On the advanced product side, we are the only OEM neutral platform that is cost efficient and scalable and has a credible technology path to eyes of autonomy in both privately owned vehicles and robotaxis. All four of our advanced products surround ADAS, supervision, chauffeur and drive share common elements, including the IQ six high inference chip, major portions of the perception and policy AI stacks, REM crowdsourced driving intelligence, our safety frameworks and the company's data and validation infrastructure. This common backbone creates many synergies for us and our customers, enables us to develop and execute all four solutions simultaneously and leaves us agnostic to whether the market moves faster in one way or another. Whereas a couple of years ago, OEMs were primarily focused on supervision, we're now seeing broad momentum across our portfolio from next generation ADAS to full point A to point B, eyes on hands free to level three systems and to robotaxi.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

The IQ six high based surround ADAS system continues to develop as the next generation of standardized driving assist on high volume vehicles platforms. This system addresses multiple objectives in a cost efficient package. It's designed to meet stricter late decade safety standards, enables highway hands free performance for a lower cost than current systems and supports OEM goals to consolidate ECUs and to integrate technology on a single SoC. In recent months, we have seen growing demand from OEMs to shift away from already sourced single camera programs towards our multi camera surround ADAS bundle. Overall, opportunities to substantially grow content per vehicle in the ADAS space have improved over the last six months.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Supervision activity remains robust, but lack of competitive pressure is enabling OEMs to continue to take their time with decision making. Meanwhile, Chauffeur has generated multiple new OEM prospects that sees Eyes Off on Highway as a breakthrough feature that allows drivers to reclaim their time during commutes. The central question around Eyes Off consumer AV programs is simply technological maturity. How likely is it for a technology provider like Mobileye to execute a system with human level safety and an expansive ODD. In this context, our four production programs with Volkswagen Group are significant strategic assets.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

They showcase our rapid progress in transforming our core technologies into scalable products. Our ability to demonstrate these products to other customers, including production level hardware and software associated KPIs, is an important proof point that our competitors do not have and will drive increasing competitive pressure as we approach launch. Turning to Robotaxi. Waymo's achievement of 25% market share in San Francisco, despite offering no time or cost advantage over human driven alternatives, is very encouraging and has reignited industry enthusiasm. When you look at the Robotaxi opportunity, two pillars are critical, safety and scalability.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

On safety, this means reaching the mean time between failures that exceeds human statistics as well as other critical safety standards. Safety has long been a strength of Mobileye, supported by foundational innovations like our RSS model, which we developed in 2017, and the PGF, our recently published framework for fusing multiple subsystems. Once safety goals have been reached, the second pillar is scalability. The name of the game here is how fast can you scale. This should be evaluated across three different vectors.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

The first scalability vector is geographic. How fast can you expand from city to city? REM is a huge asset here. The second is cost. What are all the all in operating costs of the system?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Our in house design compute, imaging radar, efficient AI, supply chain synergies, these all combine to create significant cost efficiency advantages relative to the competition. Finally, scalability also entails production capacity and business model. The fact that we work in partnership with OEMs that produce vehicles where our system is integrated during the mass production line rather than being uplifted in a different facility after the vehicle has been produced is very important. This approach allows us to be capital light, but it's not just about capital light. It also allows us to scale fast.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Even if we had all the capital to go and purchase 100,000 vehicles and then build production plants that would uplift the self driving technology, it would have slowed us down. We are working with Volkswagen, of course, but also Holland, which has a production facility underway and have advanced engagements with other high scale OEMs. On the operations and distribution side, we have arrangements with Volkswagen's mobility arm, Moya, and Japanese fleet manager, Marubeni, to provide operations and the customer facing technology. Finally, we have announced real engagements with demand generators, Uber and Lyft in The U. S, and public transport operators in Europe to provide a demand platform.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

All of these actors have skin in the game, which is also important to drive scale. So Mobileye with the kind of partnerships that we are building is in a very good position to scale rapidly once we start commercial deployment in 2026. In terms of a technology update on Robotaxi, we recently successfully transitioned into our full production hardware inside the ID Buzz test vehicle. The mean time between failure performance is tracking well to the KPIs that were laid out at the start of the program. We expect to reach our KPI goals by the end of twenty twenty five, then start adding tele operations and then remove the driver in 2026.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

So it's all on track. In summary, the opportunity set in front of us today is larger, broader, deeper and more urgent than it was when we went public in 2022. OEMs are indicating increased clarity in planning and decision making. Near term volumes are strong. The demand for both higher performance and lower cost is intensifying. And eyes off performance, whether for personal cars or robotaxi, is no longer seen as a science experiment, but as an achievable and commercially viable product.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

This is exactly where Mobilize thrives. I'll turn the call over to Dan to cover the finance section.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thank you, Amnon. 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 Intel's acquisition of Mobileye in 2017. We also exclude stock based compensation.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Our Q2 results significantly exceeded the color we provided on the Q1 twenty twenty five earnings call in April and were slightly better than our pre release numbers from earlier this month. Revenue was up 15% year over year versus the outlook of plus 7%. The strength was due to several factors. Multiple OEMs, including China OEMs, showed modest outperformance, which taken together contributed to significant overall gains. Supervision volume was also a bit stronger than expected as production of the vehicles we are on is running better than expected year to date.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

I'll spend a minute on inventory as we continue to monitor it closely. Based on our discussions with customers, inventory was relatively tight entering the year and there was some direction from certain OEMs to increase safety stocks due to the volatile macro environment. Even so, a variety of analyses we run on a regular basis indicates that shipments were relatively consistent with demand on a year to date basis. To frame it, IQ volumes in the 2024 were 17,800,000 units and inventory ended the year at a low level. Volumes in the 2025 were $18,100,000 in what we believe was a comparable demand environment to the second half of last year.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

We continue to believe that inventory at our customers remains well aligned with underlying demand. Turning to gross margin, it was down slightly year over year and versus Q1. Gross margins are stable by product and by region. The exact results, however, depend on mix of China volumes in the ADAS business and supervision. Each of those segments carries gross margins somewhat lower than the corporate average.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Supervision in particular was a higher percentage of revenue in Q2 versus Q1 causing a bit of a gross margin reduction. Operating expenses were up 7% year over year and flat compared to Q1 versus the prior outlook that indicated Q2 OpEx would be slightly higher than Q1. As Amnon mentioned, operating cash flow was over $300,000,000 in the first half. This is primarily due to strong cash flow from the core business. However, we've also managed tight control over the working capital accounts, particularly balance sheet inventory, which came down by about $90,000,000 in the first half.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

We're now well aligned with our six month target on balance sheet inventory and we expect working capital to be more cash neutral in the back half. Turning to the full year guidance, we are increasing the revenue midpoint by 4% and the adjusted operating income midpoint by 14%. On the last call, we noted that the implied step down in second half twenty twenty five revenue versus the first half did not reflect any specific indication of production weakness, but rather a cautious stance given the elevated uncertainty around automotive tariffs at the time. Since then, while tariffs remain in place, the actual impact on production and consumer demand appears rather limited and third party forecasts have risen since April. Our current outlook releases some of the conservatism in Q3 as visibility is high at this point.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

That said, visibility into Q4 remains more limited, as is always the case in July, and we believe it's prudent to maintain a cautious stance and a wider than usual range for that Q4 period. To be 100% clear, the business is performing very well. We are not seeing any tangible headwinds and we've not received any indications from customers that Q4 volumes will weaken. We are simply choosing to remain conservative beyond the very near term. Our full year outlook is based on IQ volumes of 33,500,000 to $35,500,000 up from 32,000,000 to $34,000,000 previously.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

As noted above, supervision volumes are running better than expected and we're modestly raising the outlook to about 40,000 units at the midpoint versus the prior outlook in the low $20,000 We expect gross margins to be up about half a point year over year in 2025. This is slightly worse than our prior outlook, but this is simply due to supervision and China IQ being a bit of a higher percentage of revenue. Adjusted operating expenses do not typically flex according to revenue and remain in line with our prior expectations. We continue to expect an increase of about 7% year over year to slightly below $1,000,000,000 Looking at the balance of the year, we would expect Q3 to be somewhat higher than Q4 consistent with historical seasonality. Turning to Q3, we expect to deliver approximately 8,700,000 to 9,300,000 IQ units and for our revenue to be roughly flat on a year over year basis.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

We expect gross margins to be slightly below the Q2 levels and for operating expenses to be seasonally higher in Q3 versus Q2 aligned with previous expectations. Thank you. And we will now take your questions. Operator, Thank can you please generate the

Operator

you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue.

Operator

We ask analysts to limit themselves to one question and a follow-up to ensure that others have the same opportunity to do so. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Chris McNally with Evercore ISI. Please proceed with your question.

Chris Mcnally
Senior MD at Evercore

Thanks so much team. Maybe we could just double click, Amnon, into your comment around sort of the higher momentum at Chauffeur, maybe a little bit of, slower momentum on supervision decision making. How much do you think this is sort of OEMs having more of a question around their own pricing ability to pass through sort of a level two plus product versus something else because I think we've all seen this sort of delay in implementation and there is some fear that we're seeing these products given away almost for free in China. So a lack of clarity, let's say, for how OEMs would price such a product. Would love your thoughts on that.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

I think there is lack of competitive pressure for these systems in Europe and U. S. You see these systems a lot in China. And in The And outside of China, it's only the Tesla FSD. And OEMs have seen the Tesla FSD for more than a decade.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

So we need more competitive pressure to kind of bring OEMs to a sense of urgency. I think the last news about penetration rates of Tesla FSD are encouraging. It's more than 25% take rate, and it looks like it's climbing. So I think the news are good in terms of public interest in these kinds of features and willing to pay for them. But regardless, OEMs are still in planning stage because it's not only the level two plus supervision, there is a chauffeur.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

They want to be part they want to have skin in the game in a robotaxi, not just produce cars and just sell them to the likes of Waymo and others. They want skin in the game in the robotaxi domain. So it's all part of planning. Is around ADAS, whether they should it should take over the front facing camera or just be a premium product. There's a lot of planning to do, but the more we deep dive into it, I think that planning phase is coming to a close.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

So we see a lot of activity by OEMs talking about supervision, but in addition also surround ADAS and chauffeur, and with a number of high scalers OEMs also about the robotaxi.

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

If I may add this sorry. I just may add one one, comment. We recently started inviting OEMs to see our Generation two Supervision System, which is now operational in various locations and shows our IQ six platform with new technologies. And we've increased interest and pretty much a lot of excitement by OEMs to see these demonstrations. And it's kind of, it's another positive momentum around supervision.

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

So it's not just the competitive pressure, it's also seeing kind of more evidence to our generation two system and how it performs in the field that now is available and it's been so in the past few weeks and so far it's been very successful.

Chris Mcnally
Senior MD at Evercore

That's really helpful and just my quick just follow-up, is fair to characterize or paraphrase as sort of the flag slide that you showed at December is more of an implementation delay rather than a full pause supervision and that you still see supervision as essentially the stepping stone for a lot of these OEM programs into Shofer given the software overlap and just obviously, you know, additional hardware needed for Shofer?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Nimrod, start and I'll complement if necessary.

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

I don't think that necessarily we have suggested that supervision is a prerequisite for chauffeur. I think that what remains true is that there is a consensus at least from our perspective amongst OEMs that chauffeur is a very compelling value proposition for consumers. And as Amun said in his opening comments, it's a question of whether or not the technology is mature and at what price and in which timeline, and we are making consistent progress, not just in Shofur directly, but also through Robotaxi, which is showing a lot more about our robustness and the maturity of our technologies for ISO for now driver, which requires very high precision levels. And the more we're making progress, the more we are convincing OEMs that this is a technology that is for here and now and not for next five years.

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

And therefore, see some OEMs that are considering going straight to chauffeur, for the, let's say, seven, twenty twenty eight timeframes. So I think what we have learned is that the OEMs are a spectrum of needs and interests and planning strategies. And our strategy is that our products are playing on the complete spectrum of solutions. And so we can offer the entire product portfolio like we have with Volkswagen, we can offer parts of it, what's important is that we're progressing towards SOP, towards launching these products in the market regardless of how OEMs are kind of thinking about their planning. And the more we make progress, the more we can convince them that the, you know, technologies are mature, which product makes the most sense for their segments and so on.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yeah, I've mentioned that we have a startup production 2027 with Audi on Chauffeur, and it's on track. And there's also a number of homologation steps that also we have passed. So as time goes by, the maturity level of this system is now becoming more and more evident, and that should bring OEMs to the table and get convinced that the maturity level is good enough to start thinking about the production program for Chafford.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thank you, Chris.

Operator

Our next question comes from James Picarro with BNP Paribas. Please proceed with your question.

James Picariello
Director & Senior Automotive Analyst at BNP Paribas

Hi, everyone. Just starting with supervision, the guide for 40,000 units, a near doubling of the expectation for the full year. Could you just speak to what's driving that? How the relationship is trending with Zika? And then just looking ahead, any thoughts on the timing for next year concerning the portion Audi launches for supervision and chauffeur? Thanks.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yes,

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

we took a conservative stance on supervision volumes for this year. Since then, what we've seen is Zika nine for export markets has been selling more vehicles than we probably expected. Polestar four production and end demand has been pretty good as well. I think key here is that any Zika vehicles that are being shipped outside of China are still using the supervision system, which kinda indicates the maturity of our system for kinda non China markets. But yeah, I think it's just a reflection of kinda conservative start of the year and kind of production these vehicles running better than expected.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

As for the Porsche Audi, the start of production is end of twenty twenty six. So the effect in revenue should be seen in 2027. We see 2027 as really an inflection year in terms of revenue, where supervision by Porsche and Audi and we believe more would come out. Robotaxi will start generating revenue as well because we are removing the driver mid of twenty twenty six, and we have a very strong plan of scalability. So 2027 is really the inflection year in terms of revenue. Yeah. And if we look at the kind of the consensus expectations for supervision in 2026, it can be almost exclusively covered by the current vehicles in production.

James Picariello
Director & Senior Automotive Analyst at BNP Paribas

Got it. That's helpful. Just my follow-up, in regard to the recent secondary offering tied to Intel's stake, how should we think about any future intentions there and the potential timeframe?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Dan, you want to take this and I'll complement?

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Yeah, no, I think Intel's shown quite a bit of patience with their stake in Mobileye. They hadn't sold any shares for two years. They still maintain more than 80% ownership. I think they've made public comments that they have a kind of a very strong view of the kind of the potential of Mobileye and wanna participate in that upside. So we weren't really surprised that they'd wanna sell some shares after the next couple of years.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

But we can't really speak to any future plans that they have.

James Picariello
Director & Senior Automotive Analyst at BNP Paribas

Thank you.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thank you, James.

Operator

Our next question comes from George Gianricas with Canaccord Genuity. Please proceed with your question.

George Gianarikas
MD & Senior Analyst at Canaccord Genuity - Global Capital Markets

Thank you for taking my questions. I'd like to concentrate a little bit on Robotaxia. I think you sort of characterized the interest as accelerating from OEMs and deploying your solution. Can you just help us understand a little bit about what you're seeing in the marketplace, the potential for new wins and what the competitive set looks like when you're offering your solution to OEMs? Thank you.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Well, we have a relationship with Volkswagen on the ID Buzz, where Moya is the operator and customer facing. There's also deals with Uber regarding this platform. The volume expectation towards the end of the till the end of the decade is very substantial. There is a hold on with a platform called Mover. We already have the prototypes equipped with our system and testing.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

It should come out six months later. Also, volume projections are very high. In addition, we have relationship with Marubeni. We're working with additional OEMs to supply vehicles both for Moya and also for Marubeni. And hopefully, we'll be able to update the market soon about additional OEMs.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

But Volkswagen alone is a very high volume opportunity for robotaxis.

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

And if I may add to this, sorry, George.

George Gianarikas
MD & Senior Analyst at Canaccord Genuity - Global Capital Markets

Please go ahead. Sorry.

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

I just wanted to add maybe a little bit more color on what we're seeing in the market and the competitive environment. I think that there is a we need to distinguish between The US and Europe in that regard, which are our two primary markets for the first launches. In The US, of course, there's Waymo and Tesla that has been making statements about this. Beyond these two as a technology provider that can provide the full self driving system, which includes the hardware, the software, AI technologies and so on in a scalable way, in a cost efficient way that will leave enough room for all players involved to generate a profit, We're seeing Mobileye as kind of a unique company at this stage. So Waymo and Tesla are of course have their own business model of being vertically integrated at this stage.

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

For the OEMs that want to basically build a business of producing robotaxis in a serious production fashion, and then, you know, find a business model with the demand generators. We're the primary, it's not the only candidate at this stage at least from what we're seeing. And in Europe, think that we are in the pole position in the race. And just recently, the German chancellor took a test drive with the ID bus vehicles with mobilized technology in Germany, which is kind of putting a lot more public attention and, you know, some, let's say, political attention into enabling robotaxis in Europe. In that sense, being partnering with Volkswagen is hugely beneficial for our interests.

George Gianarikas
MD & Senior Analyst at Canaccord Genuity - Global Capital Markets

Ricky, just as a follow-up, can you just on the Robotaxi business, just help us maybe understand a little bit more about the business model opportunity, the price per system and also particularly the potential for you to participate in the revenue per mile as you deploy these systems and if that's going be replicated across OEMs?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yes. So we receive a revenue for the system and we receive also recurring revenue as a cost per mile. We have both. Maybe in the future, we could reduce the cost of the system and add more in terms of the contribution of per mile. But even the current setup is very good in terms of the revenue potential, the recurring revenue potential over time.

George Gianarikas
MD & Senior Analyst at Canaccord Genuity - Global Capital Markets

Thank you.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Thank you, George.

Operator

Our next question comes from Dan Levy with Barclays. Please proceed with your question.

Dan Levy
Senior Equity Research Analyst at Barclays Corporate & Investment Bank

Hi. Thank you for taking the questions. Wanted to just first start with a question on the near term IQ shipments. And maybe you could just give a bit more color on where the strength is coming in from, and specifically, the trend within China, which had obviously been quite weak in 2H, but it seems like the last couple of quarters have been pretty good. What's the right run rate to think of now, from China, both from the domestics and from the multinationals there?

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

I can start on this. Okay, go ahead. So I mean, I think from a kind of from an overall comment, you know, it was difficult to analyze the IQ volume growth the last year or so because of some disruptions on inventory in China. Now you're starting to really be able to analyze it. So in Q2, if we adjust for inventory digestion last year, volume grew around 13% year over year in Q2 for IQ volume.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

And our top 10 customers were minus 3%. So significant growth over market. If you look at the Q3 outlook, it's for growth around 5% year over year. Our top 10 customers are minus 2%. So this kind of comparison to our top 10 customers, it's starting to show up as kind of very favorable for us.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

On China, the China business has been running better. We did slightly over 1,000,000 units in the back half of last year. We thought we would do around 1,000,000 in the first half. That was the outlook. We did more like 1,500,000 So there was some upside there.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

We're not assuming that type of volume for the back half just because we don't have as much visibility and we want to stay conservative. But it does look like that's a fairly stable run rate for us. But yes, think overall, the revenue outperformance has been pretty broad based. If you look at kind of all of our top 10 customers, for most of them, was at least a bit of outperformance. It added up to a bigger number.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

There was outperformance in China. There was outperformance in supervision. So it's all pretty broad based.

Dan Levy
Senior Equity Research Analyst at Barclays Corporate & Investment Bank

Okay, great. Thank you. The second question is, as you're ramping on your efforts in DRIVE, I wanted to get a sense of the type of resource allocation. And I go back to, the CMD you had last year where I think you gave a pie chart of your spend that 11% of your, spend is on DRIVE. It seems like your efforts are accelerating here.

Dan Levy
Senior Equity Research Analyst at Barclays Corporate & Investment Bank

Can you just give us a sense of how extensive the resource requirement is on drive? And what this could do on OpEx the next couple of years?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Well, our OpEx grows substantially in 2023, also grow in 2024. We see the OpEx as more or less flattish in the coming year. That means all the growth to prepare for drive and chauffeur and supervision to the transition from Tier two to Tier one on some of the programs like with the Porsche and Audi, all of that accounts for the growth that we have already experienced. So we don't see substantial growth in the near future in terms of OpEx growth.

Dan Levy
Senior Equity Research Analyst at Barclays Corporate & Investment Bank

Great. Thank you.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thank you, Dan.

Operator

Our next question comes from Samik Chatterjee with JPMorgan Chase. Please proceed with your question.

Analyst

Hi. Thanks for taking my question. This is MP on for Samik Shatterjee. So I just wanted to double click on the imaging radar deal, which you did during the quarter, and, like, how should we think about the size of that particular business? And, like, will you be open to doing more similar deals in future where you will be selling individual components rather than full systems? And I have a follow-up.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yes. So the imaging radar for us is strategic sensor. The deal we had with that particular OEM is just for the sensor. It's a very reputable OEM, and we thought that this would drive credibility because the RFQ phase was very lengthy and all competitors of imaging radars participated and our radar was shining through. So we saw that as separate sensor, but we do not expect to do that in the future.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

It's part of the bundle of EyesOff systems on chauffeur and drive. For example, the IDBAS has five of our imaging radars, as front facing imaging radar and corner imaging radars. And we believe that all future chauffeur programs will have our imaging radar, because it allows you to get the speed that you need in terms of highway driving. You need to see hazards very far away, more than 150 meters away. And the sensor that we have can do that in a very high resolution and high dynamic range.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

And it's simply an enabler for eyes off systems at scale. So it's part of a bundle. We don't see it as another source of business as a sensor business.

Analyst

Okay. Got it. And another question which I had was regarding the 2027 ramp. So you will be ramping on supervision, chauffeur, and drive in that year. Any way to understand, like, which will be the biggest driver of those, and how will you rank out of those opportunities in 'twenty seven?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

So we have the 2027, the chauffeur and the supervision. We mentioned in the past, there's more than 19 car models coming out with those systems. We're not yet ready to make a guidance for 2027. In terms of drive, there is a significant plan of expansion to multiple cities starting from end of twenty twenty six, both in Europe and in The U. S.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

So it should drive substantial growth. We're not at a position to put a dollar number to it right now.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Exactly. But I think what's new here is that we do now expect drive to be a significant contributor in 2027. And that's a reflection of the confidence we have in commercial deployment sometime during 2026. Thank you, MP. Got it. Thank you.

Operator

Our next question comes from Vijay Raksh with Mizuho Securities. Please proceed with your question.

Vijay Rakesh
Vijay Rakesh
Managing Director at Mizuho Financial Group

Yeah. Hi. Just a quick question on supervision. Obviously, a nice upside here. You raised to 40 Zika Europe, I believe.

Vijay Rakesh
Vijay Rakesh
Managing Director at Mizuho Financial Group

Any thoughts on how calendar '26 should shape up in terms of units for supervision, especially some of the newer ramps? And I follow-up.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

We're really ready to talk about specific expectations for 2026. Like I said, we're essentially kind of marking to market the end production of the vehicles that have supervision today. This still doesn't include any U. S. Volume for Polestar four.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

They did start producing that vehicle in Korea. So there's a tariff in Korea from vehicles produced in Korea, but it's not 100% like it is from China. So they should be able to launch in The US and we think that that will create some growth for next year as well. The export volume of Zika has been probably a little bit better than expected this year. We would expect that to grow a bit next year as well.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

So should be some growth in 'twenty six from the existing vehicles and we'll have more to say about kind of the overall supervision volumes like when we get to 2026.

Vijay Rakesh
Vijay Rakesh
Managing Director at Mizuho Financial Group

Got it. And then on the house, just a quick housekeeping question on the inventory side. I know IQ you raised from like the midpoint of $33,000,000 to like $34,000,000 here. So definitely seeing some improvement, but if you were to look at the inventory level just to I I know it's tough because every OEM has a different inventory level, but if you normalize that, how does that inventory level compare now to versus last quarter or last year, just to get some idea of where the levels are? Thanks.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Do you want to start, Nimrod?

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

Yeah, so I don't think that we can disclose like the inventory levels that the OEMs are keeping themselves as the safety stock. But in general, we've been in line with what is a we can consider modest compared to historic periods. So the way we are kind of analyzing this is in multiple ways. We have direct information coming from our tier one customers that they get direct information from their OEMs. We also cross reference this with the third party analysis on the vehicle on the overall industry vehicle production compared to our sales.

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

So we keep a very close track of this, and, we keep our eyes on this on a weekly basis.

Vijay Rakesh
Vijay Rakesh
Managing Director at Mizuho Financial Group

Got it. Thank you.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Yeah. No. I think that's right. The finance and sales teams have done a great job of kinda developing tools to, as well as kind of direct feedback from the tier ones. And everything looks like it was pretty flattish from the 2024 until now.

Operator

Our next question comes from Adam Jonas with Morgan Stanley. Please proceed with your question.

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

Hi. Thanks, everybody. Amnon, I'm just looking at your CapEx here, $28,000,000 for the first half of the year. If I annualize that, that's obviously down substantially year on year. But even if it's flat, and I think consensus has you guys spending around a 100, maybe a $110,000,000 this year, your CapEx has basically not moved.

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

It's declined over a number of years, and it it really makes Mobilize stand out as for a physical AI hard tech company, really in the thick of so many exciting programs, collecting data, growing a fleet, how do you do it? Like, where is your CapEx spending on compute? How much compute do you have? Because it would strike me that your compute needs, and therefore your AI CapEx needs, would would somehow scale at least proportionate to the amount of data that you're feeding into your simulation and data centers. And and so tell me where I'm wrong there.

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

Why how are you able to do it? Or or is your message we just don't need compute like others and that guys like Elon and Jensen are are wrong? And then I have a follow-up.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Well, you know, we need compute. We have compute both on prem and also on the cloud. You know, our cloud spending has slightly reduced in and I cannot reveal those numbers, but it's in the tens of millions, a large number of tens of millions. And in favor of on prem, more GPUs. But we have a different philosophy on how to spend money on compute than what you hear from our competitors.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

And we have very good systems, very good performance. Our IQ six generation, our generation two supervision and chauffeur and drive is really top notch. If you look at our drive vehicle, there are more than 100 ID buses. There has been a lot, a lot of demonstrations of journalists, both in Europe and also in The U. S.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

As Nimrod mentioned just last week, the Chancellor of Germany dropped the ID buzz. Performance is very, very good. And we know how to train the models in a way that is more efficient.

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

Okay. Appreciate that. As a follow-up, what is your simulation stack? What does it look like? How much synthetic data are you using to reduce costs for training on edge cases?

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

Because that also seems to be for the problems that you're solving. And we talked about humanoids, but even in autonomous cars. Very, very important. Love to hear your views there. Thanks, Amna.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Okay, yeah, it's a very good question. When think about simulation, there are two types of simulation. There is a photorealistic simulation. We use photorealistic simulation in order to simulate age cases. For example, you know, putting a cow on the road. I'm done.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

I'm done. You went on mute.

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

I'm done. You went on mute.

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

Just when it was getting good.

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

Yeah. Lost him. We're trying to reconnect him. Think I think he dropped out. So we we just need to reconnect him.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Okay. Oh, okay. One moment. I can hear you again.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

We lost you.

Adam Jonas
Adam Jonas
Head - Global Auto & Shared Mobility Research at Morgan Stanley

Okay,

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

you're saying there's two types of simulation.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yeah, so two types of simulation. One is photorealistic in order to emulate edge cases. Right? Say you have a car falling off from a truck on the road, right? These things, you don't need to wait until you find them in the physical world.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

You can put them in a photorealistic simulator. And we have very powerful photorealistic simulators. Another type of simulation is to simulate the driving policy. This is a piece of technology, maybe we'll talk about it more at next year's CES, that we developed, it's kind of a, we call it ACI, Artificial Community Intelligence, where we have a simulator, not a photorealistic, a synthetic simulator, simulating hundreds of road users over billions of miles of simulation. We run billions of miles overnight, and we use that in order to train the driving policy.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

So that amount of compute that you need there is way below the amount of compute if you would train it on photorealistic simulations. And it's much more efficient. So those are the two types of simulations we use.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thank you, Adam.

Operator

Our next question comes from Shiraz Patel with Wolfe Research. Please proceed with your question.

Shreyas Patil
VP - Equity Research at Wolfe Research, LLC

Hey, thanks so much for taking the questions. Anno and Dan, maybe could you guys talk about the typical lead time between securing awards in Surround Data and launching programs? I believe it's typically two to three years. Given the timing of the new ADAS standards in Europe, which I think is 2028, that would suggest OEMs need to secure contracts in the next twelve to eighteen months. So that the kind of timeline we should be thinking about in terms of potential awards?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yes. So when we're talking about Western OEMs, a timeline is typical two years, two to two point five years from nomination to start of production.

Shreyas Patil
VP - Equity Research at Wolfe Research, LLC

Okay. Okay, that's helpful. So if these standards are coming on in 2028, it would suggest they would be needed to secure these awards in 2026, something like that?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yep. Nimrod, do you want to add?

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

I think the majority of the RFQs that we have, and we have RFQs with multiple OEMs, and the majority of our customers are engaging with us in this solution, these RFQs aim for '27, '28 SOPs. So that that's that's the current plans that we're seeing.

Shreyas Patil
VP - Equity Research at Wolfe Research, LLC

Okay. And and then on on robotaxis, there are a large number of AV developers in the space, and and some of the rideshare operators such as Uber are striking agreements with multiple players for their platforms. So curious how you gain confidence in the number of vehicles that Mobileye will be supporting either on an Uber or a Lyft type of platform?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Nibrot, do you want to take this?

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

Yeah. I think that first of all, it makes sense for companies like Uber who face pressure and questions from investors about their strategy for robotaxis as a potential threat for their business to maximize their chances of being one of the winners in this space. I think that we're at the beginning of the adoption curve. And longer term, we believe that winning solutions will be the most cost efficient, geographically scalable with the highest performance, highest availability rates. And we believe that our products are inherently at the pole position in these axis.

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

And so today, there might be some announcements and statements with pretty much everything that can be a potential contender, but we think that within not a lot of time, will there will be a separation between a very selected few companies that will have advantages in these economic scalability, geographic scalability, the availability of the service and the others. Because if you think about this, we're still not at the stage of even thinking about, for example, how many charges do you need to do per day for the vehicle? It still doesn't play any factor. And our system is roughly 20% power consumption compared to Waymo's. So these are just small things that today don't play a role because it's still a question of can you do it or can't you do it?

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

We're at the cusp of getting to how well can you do it, how efficiently can you do it and our system is designed to be excelling these parameters. So that's where we get the confidence that ultimately we will be one of these two or three companies that will see the highest volume of robotaxi services.

Shreyas Patil
VP - Equity Research at Wolfe Research, LLC

Okay, great. Thank you.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thanks, Andreas.

Operator

Our next question comes from Joe Specht with UBS. Please proceed with your question.

Joseph Spak
Joseph Spak
Managing Director at UBS Group

Thanks everyone. Maybe just sticking on drive and Robotaxi, Amlan, if you could, you gave us some things here on sort of what commercial deployment looks like. You have to finalize the vehicle, then there's tel ops, then there's the remove the driver in '26. So I was wondering if you could add any more color in terms of maybe where you first see that happening in The US or Europe. Then also, maybe how much input do you really have here in terms of things such as the, you know, the size of the geofence, the number of vehicles, like, when the drivers actually move?

Joseph Spak
Joseph Spak
Managing Director at UBS Group

Like, what how does that relationship with your partners work?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Well, the partner is Volkswagen ADMT division. And we have a very tight cooperation. We work very well together. The driver would be removed in the first city. It will be in The U.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

S. I'm not at liberty to say the name of the city, but it's there is very concrete plans in terms of how the driver would be removed, the design of the teleoperators. We have a very unique design of teleoperators that allows for scale. So going from, say, one teleoperator per vehicle to quickly going to one to X one operator for X vehicles to scale that very fast using technology, certain cloud computing technology that will enable us to scale it. And it will all start in middle twenty twenty six, with that first Citi in The US.

Joseph Spak
Joseph Spak
Managing Director at UBS Group

Okay. And then the second question is, there was a report this morning that Volkswagen's looking capital at their autonomous unit and offering a minority stake in the subsidiary that they're searching for strategic or financial investors. Like, I'm not asking you to comment specifically on that potential offering, but is a strategic investment in a partner something mobile I would consider here as you look to scale drive?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yeah, I think it's a very good development. I think also Google did that for Waymo, even though Google has deep pockets and can fund Waymo without any external funding. I think it's a very good development. We support it. And we will seriously consider also participating as an investor.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Thank you. Thank you, Joe. Maria, this will be our last question,

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

the next one coming up.

Operator

Okay. Our last question then is from Colin Rusch with Oppenheimer. Please proceed with your question.

Colin Rusch
MD, Senior Research Analyst & Head - Sustainable Growth & Resource Optimization at Oppenheimer & Co. Inc.

Thanks so much guys. Given the leverage that you're seeing off of the Compound AI platform, can you talk a little bit about the cadence of learning that you're seeing, put some metrics around it, you know, potentially talk about the reduction in hallucinations that you're seeing in the systems at this point?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Yeah, we don't have hallucinations. Hallucinations is a metric for large language models. Our KPI is meet time between failure. And that is very important in drive, because that's the only way to remove the driver that you reach an MTBF, which corresponds to a very strict KPIs. And we are on track.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

All the indications are that by the end of this year, we'll be at the MTBF that is that will enable to remove the driver. And then for the next six months until we actually remove the driver, we'll be working on the teleoperation technology and then start removing the driver. But all our KPIs for MTBF and other safety measures are all on track.

Colin Rusch
MD, Senior Research Analyst & Head - Sustainable Growth & Resource Optimization at Oppenheimer & Co. Inc.

Thanks so much. And just the last one here is around potential for reduction on cost of the perception suite. As you look at not only your own internal reduction in cost, but sourcing other elements. Can you talk about how quickly you can start driving some cost out of the system as you get into 2027, 2028 and start seeing some incremental volumes ramp up?

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

Well, the cost of our system, we're talking about drive, the cost of our system is already very lean. We have cameras, which doesn't cost much. We have our ECU with the four IQ six high, you know, it doesn't cost much. We have imaging radars, which we produce, you know, it's hundreds of dollars overall. We have LDARs that are supplied by Innoviz, also very reasonable cost.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

If you look towards the end of the decade, there is a possibility with just having two layers of redundancy cameras and the imaging radars and reducing the number of LDARs or reducing LDARs altogether. But this is something that's too early to say. That could be another cost reduction. Another cost reduction towards the end of the decade is moving from IQ six to IQ seven. That will be another element of cost reduction, but it's not really a very meaningful cost reduction.

Amnon Shashua
Amnon Shashua
Co-Founder, President, CEO & Director at Mobileye Global

But we are already starting with a very lean cost platform.

Colin Rusch
MD, Senior Research Analyst & Head - Sustainable Growth & Resource Optimization at Oppenheimer & Co. Inc.

Great. Thanks so much guys.

Operator

We have reached the end of our question and answer session. And I would now like to turn the floor back over to Mr. Giles for closing comments.

Dan Galves
Dan Galves
Chief Communications Officer at Mobileye Global

Thanks, Maria. And thanks to everyone for joining the call. We will see you again at the Q3 earnings call in October. Thank you very much.

Operator

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

Executives
    • Dan Galves
      Dan Galves
      Chief Communications Officer
    • Amnon Shashua
      Amnon Shashua
      Co-Founder, President, CEO & Director
    • Nimrod Nehushtan
      Nimrod Nehushtan
      Executive VP of Business Development & Strategy
Analysts
    • Chris Mcnally
      Senior MD at Evercore
    • James Picariello
      Director & Senior Automotive Analyst at BNP Paribas
    • George Gianarikas
      MD & Senior Analyst at Canaccord Genuity - Global Capital Markets
    • Dan Levy
      Senior Equity Research Analyst at Barclays Corporate & Investment Bank
    • Analyst
    • Vijay Rakesh
      Managing Director at Mizuho Financial Group
    • Adam Jonas
      Head - Global Auto & Shared Mobility Research at Morgan Stanley
    • Shreyas Patil
      VP - Equity Research at Wolfe Research, LLC
    • Joseph Spak
      Managing Director at UBS Group
    • Colin Rusch
      MD, Senior Research Analyst & Head - Sustainable Growth & Resource Optimization at Oppenheimer & Co. Inc.
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