Mobileye Global (NASDAQ:MBLY) saw its shares jump over 5% in premarket trading Wednesday following news of a significant contract award from a prominent global car manufacturer. The company will supply its advanced imaging radar system for the automaker’s future line of autonomous vehicles.
The radar will play a central role in a hands-free, eyes-off driving platform—an SAE Level 3 system—that is set to debut in consumer vehicles beginning in 2028, according to a statement from Mobileye. The decision came after what the company described as an extensive, multi-year evaluation comparing its radar technology with other market options.
“The selection of our imaging radar by this new customer validates the groundbreaking work we undertook,” said Mobileye’s president and CEO, Prof. Amnon Shashua.
Developed since 2018, the radar technology is designed to provide precise environmental detection even in tough driving conditions such as fog, rain, tunnels, or at highway speeds. It reportedly identifies objects up to 315 meters away, including smaller or less conspicuous obstacles like stray tires or roadside pedestrians and cyclists.
“After recognizing how important this sensing modality would be to autonomous driving, we built what we believe is the industry’s standard for imaging radar that can deliver the safety and accuracy self-driving systems require,” Shashua added.