BMW Partners with Intel, Mobileye to Produce Self-Driving Cars by 2024

BMW Partnership Intel Mobileye

Bayerische Motoren Werke AG (ETR:BMW) partnered with Intel Corporation (NASDAQ:INTC) and Mobileye NV (NYSE:MBLY) to develop solutions that would allow the production of self-driving cars by 2024.

The partnership combines the companies’ expertises in automotive, technology, computer, and machine learning, which would bring future mobility concepts into reality.

The stock price of closed BMW €67.79 per share, up 3% in Germany. The shares of Mobileye increased more than 2% to $47,16 per share while Intel gained 0.20% to $32.87 per share around 3:11 in the afternoon in New York on Friday.

Automakers need to collaborate with new partners

In a statement, the German automaker noted that developing a fully autonomous car is “complex” and requires “end-to-end solutions that integrate intelligence across the network from door locks to the data centers.”

“Transportation providers of the future must harness rapidly evolving technologies, collaborate with totally new partners, and prepare for disruptive opportunities,” said BMW.

BMW iNEXT model

The German automaker said the BMW iNEXT model will serve as the foundation for its autonomous driving strategy. It will set the basis for its fleets of fully autonomous vehicles.

BMW, Intel, and Mobileye believe that automated driving technologies will make driving easier and faster. The objective of the companies is to develop future-proofed solutions that enable drivers to take their hands off the steering wheel, reach the so-called “eyes off” (level 3), and eventually “mind off” (level 4).

The partnership aims to transform the driver’s in-car time into leisure or worktime.“This level of autonomy would enable the vehicle, on a technical level, to achieve the final stage of traveling “driver off” (level 5) without a human driver inside.,” according to BMW.

“Highly autonomous cars and everything they connect to will require powerful and reliable electronic brains to make them smart enough to navigate traffic and avoid accidents,” Intel CEO Brian Krzanich.

Intel will contribute its portfolio of technology that powers and connects billions of smart and connected devices including cars. The tech giant will provide microprocessors that would control various sensors.

Mobileye Co-founder, Chairman and CTO Professor Amnon Shashua, said, “Mobileye is proud to contribute our expertise in sensing, localization, and driver policy to enable fully autonomous driving in this cooperation.”

On the other hand, “We always strive for technological leadership. This partnership underscores our Strategy Number ONE > NEXT to shape the individual mobility of the future. said Harald Krüger, Chairman of the Board of Management of BMW.

“Following our investment in high definition live map technology at HERE, the combined expertise of Intel, Mobileye and the BMW Group will deliver the next core building block to bring fully automated driving technology to the street,”  he added.