Mobileye Cuts Annual Revenue Forecast As Automakers Look to Ease Production

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Mobileye Cuts Annual Revenue Forecast As Automakers Look to Ease Production

Reuters2023-10-26

(Reuters) - Mobileye Global lowered the upper end of its annual revenue forecast on Thursday, in a sign that slowing electric-vehicle production is likely to weigh on demand for its driver-assistance technology.

Automakers such as Tesla, General Motors and Ford have turned cautious about expanding their EV production capacity amid risks of a slowdown in demand due to higher borrowing costs and growing economic uncertainties.

This, in turn, may hurt Mobileye, a supplier for EV makers such as Polestar .

The Israel-based firm expects full-year revenue to be between $2.07 billion and $2.09 billion, compared with its earlier forecast of $2.07 billion to $2.11 billion.

Mobileye, which also counts prominent automakers such as Volkswagen (VOWG_p.DE) and Porsche (PSHG_p.DE) as its customers, reported revenue of $530 million for the third quarter, compared with analysts' average estimate of $527.8 million, according to LSEG data.

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