Intel considers selling stake in Mobileye to address financial woes

Intel Corp. is considering selling its 88% stake in Mobileye Global Inc., a supplier of autonomous driving systems, as part of a major strategic shift, according to insiders. Mobileye will hold a board meeting in New York later this month to discuss Intel's plans. Mobileye has been providing software and hardware for autonomous driving systems since 1999 and is targeting an initial public offering in the U.S. in 2022. Intel sold some of its Mobileye shares last year, raising about $1.5 billion. Mobileye's stock has fallen about 71% this year, with a market value of about $10.2 billion, and has been losing money for two consecutive years.