Intel shares fell nearly 4% in morning trading.
The massive market inflection toward EVs and AVs has led Intel Foundry Services (IFS) to form a dedicated automotive group to deliver that sector a complete set of chips and related tech, Intel announced Thursday.
“Automotive is going through a transition to autonomy and electrification,” IFS President Randhir Thakur said in a recorded session at Intel’s 2022 Investor Meeting. “To serve this market, there will be a dedicated automotive group within IFS.”
At its Investor Day conference on Thursday Intel said it expects its profit margin to drop this year and then be steady for several years as it invests in new technologies and factories to meet rising chip demand, but added it forecasts climbs from 2025.
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